WEDNESDAY, JANUARY 7, 1987
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THE DEFINITION OF A NEWSPAPER WAS ALSO AMENDED TO EXCLUDE CERTAIN PUBLICATIONS WHICH NEED NOT BE REGISTERED.
MR FORD SAID THE LEVEL OF FEES WHICH HAD REMAINED UNALTERED SINCE 1951, HAD NOW BEEN REVISED TO BRING THEM IN LINE WITH THE OVERALL GOVERNMENT POLICY OF RECOVERING ADMINISTRATIVE COSTS WHEREVER POSSIBLE AND EQUATE THEM TO SIMILAR FEES AND CHARGES IN OTHER LEGISLATION.
THE PROPOSED AMENDMENTS WOULD RESULT IN THE ORDINANCE BEING CONFINED TO MATTERS RELATING TO THE REGISTRATION OF LOCAL NEWSPAPERS. IT WAS THEREFORE APPROPRIATE THAT THE REVISED LEGISLATION BE RETITLED THE REGISTRATION OF LOCAL NEWSPAPERS ORDINANCE".
DEBATE ON THE TWO BILLS WAS ADJOURNED.
UNIFORM TIME LIMIT FOR COMPANY ACCOUNTS SOUGHT
*****
A BILL SEEKING TO SHORTEN THE TIME LIMIT ALLOWED FOR THE SUBMISSION OF ANNUAL ACCOUNTS, INCREASE THE POWERS OF INSPECTORS AND CLARIFY A PROVISION IN THE COMPANIES ORDINANCE REGARDING THE PRIORITY OF DEBTS OF A COMPANY IN RECEIVERSHIP WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MOVING THE SECOND READING OF THE COMPANIES (AMENDMENT) BILL 1986, THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, NOTED THAT THE TIME LIMIT ALLOWED UNDER THE PRESENT LEGISLATION FOR THE SUBMISSION OF ACCOUNTS TO ANY GENERAL MEETING OF A COMPANY WAS NINE MONTHS OR, IN THE CASE OF A COMPANY CARRYING ON BUSINESS OR HAVING INTERESTS ABROAD, 12 MONTHS.
MR JACOBS POINTED OUT THAT IN VIEW OF RECENT ADVANCES IN ACCOUNTING PRACTICE, ESPECIALLY THOSE ASSOCIATED WITH COMPUTER ISATION, THESE TIME LIMITS WERE CONSIDERED TO BE TOO GENEROUS.
+THE BILL THEREFORE PROPOSES A NEW UNIFORM TIME LIMIT OF SIX MONTHS FOR THE SUBMISSION OF ALL COMPANY ACCOUNTS. AND THESE ACCOUNTS WILL NEED TO BE SUBMITTED TO THE COMPANY'S ANNUAL GENERAL MEETING RATHER THAN TO ANY GENERAL MEETING.
+BUT THE COURT MAY EXTEND THE TIME LIMIT. AND APPROVE SUBMISSION TO ANY GENERAL MEETING, IF FOR ANY REASON IT THINKS IT FIT TO DO SO.
/+TO ALLOW