FRIDAY, AUGUST 3, 1984
TRIBUNAL TO JUDGE SHAREHOLDERS CLAIMS ON BANK
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REGULATIONS PROVIDING FOR THE ESTABLISHMENT OF A TRIBUNAL WHICH WOULD JUDGE ANY CLAIM FOR COMPENSATION BY FORMER SHAREHOLDERS OF THE HANG LUNG BANK ARE GAZETTED TODAY.
A GOVERNMENT SPOKESMAN NOTED THAT, WHEN MOVING THE SECOND READING OF THE HANG LUNG BANK (ACQUISITION) BILL LAST SEPTEMBER, THE FINANCIAL SECRETARY HAD SAID THAT HE WANTED TO PRESERVE THE INTERESTS OF THE DEPOSITORS AND THE EMPLOYMENT OF THE HANG LUNG BANK STAFF, AND TO MAINTAIN CONFIDENCE IN THE BANKING SECTOR. HE ALSO SAID THAT IN DUE COURSE WHATEVER COMPENSATION WAS FAIR WOULD BE PAYABLE TO FORMER SHAREHOLDERS.
THE HANG LUNG BANK (COMPENSATION OF FORMER SHAREHOLDERS) REGULATIONS 1984 PUBLISHED TODAY PROVIDE FOR THE SETTING UP OF A COMPENSATION TRIBUNAL, WHICH WOULD COMPRISE A JUDGE AS CHAIRMAN AND TWO MEMBERS WHO ARE NOT PUBLIC OFFICERS.
THEY ALSO SET OUT THE MECHANICS OF APPLYING FOR, DETERMINING AND PAYING, ANY COMPENSATION TO FORMER SHAREHOLDERS,
UNDER THE REGULATIONS, THE TRIBUNAL MAY BE SET UP BY THE GOVERNOR OR WILL BE SET UP BY HIM IF REQUESTED IN WRITING BY ANY FORMER SHAREHOLDER.
IF,
AFTER THREE MONTHS FROM THE PUBLICATION OF THE REGULATIONS, NO REQUEST IN WRITING HAS BEEN MADE AND THE GOVERNOR HAS NOT SET UP THE TRIBUNAL, FORMER SHAREHOLDERS WILL BE REMINDED INDIVIDUALLY BY WRITING OF THEIR RIGHTS UNDER THE REGULATIONS. AT THE END OF A FURTHER THREE MONTHS AND IF NO REQUEST IN WRITING HAS BEEN MADE, THE AMOUNT OF COMPENSATION WILL BE DEEMED TO BE NIL,
THE SPOKESMAN EXPLAINED THAT THE REGULATIONS CARRY NO IMPLICATION THAT COMPENSATION WILL OR WILL NOT BE PAYABLE AS THIS WOULD BE A MATTER FOR THE TRIBUNAL.
+THEY MERELY FULFIL A STATUTORY AND INDEED A MORAL OBLIGATION TO ALLOW SOMEONE WHOSE SHARES HAVE BEEN EXPROPRIATED A RIGHT TO FAIR COMPENSATION, HE SAID.
SITE FORMATION FOR HOSPITAL TO START SOON
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WORK ON FORMING A NINE-HECTARE SITE FOR A HOSPITAL AT SHAU KEI WAN WILL START IN OCTOBER.
THE FINANCE COMMITTEE RECENTLY APPROVED A SUM OF $43.45 MILLION FOR THE SITE FORMATION WORK TO GO AHEAD.
THE ARCHITECTURAL OFFICE OF THE BUILDING DEVELOPMENT DEPARTMENT IS INVITING TENDERS FOR THE 22-MONTH CONTRACT.
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