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THURSDAY, MARCH 26, 1987
PHASE I DEVELOPMENT WILL BE ACCOMPANIED BY A POSSIBLE EXTENSION OF THE MASS TRANSIT RAILWAY FROM KWUN TONG, AND ENABLE THE NEW TOWN TO HOUSE A TOTAL OF 325 000 PEOPLE.
MR FORD ALSO SAW THE PROGRESS OF LAND FORMATION AND RECLAMATION WORKS FOR PUBLIC HOUSING ESTATES, AND WAS BRIEFED ON THE CONSTRUCTION OF THE ROAD TUNNEL LINKING THE NEW TOWNSHIP TO EAST KOWLOON AND KWUN TONG. CONSTRUCTION OF THE 900-METRE TWIN- TUBE DUAL-CARRIAGEWAY TUNNEL BEGAN LAST YEAR AND IS SCHEDULED TO BE OPENED TO TRAFFIC IN MID-1990.
MR FORD SAID JUNK BAY, WITH ITS WELL THOUGHT-OUT PLANNING AND COMPREHENSIVE RANGE OF FACILITIES, HAD THE PROSPECT OF BECOMING AN EXCELLENT NEW TOWN.
+ IT'S MARVELLOUS TO SEE THE PROGRESS THAT HAS BEEN MADE SO FAR. I AM SURE IT WILL BE VERY POPULAR WITH EVERYBODY, + HE ADDED.
ON HIS RETURN TO HMS TAMAR, MR FORD FLEW OVER HUNG HOM BAY TO SEE MAJOR RECLAMATION WORKS IN PROGRESS.
THE ASSISTANT DIRECTOR (PLANNING) OF TERRITORY DEVELOPMENT, DR PETER PUN, AND MR FORD'S ADMINISTRATIVE ASSISTANT, MRS FANNY LAW, ALSO TOOK PART IN THE TRIP.
COMPANY LAW REFORM STANDING COMMITTEE'S REPORT RELEASED
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THE STANDING COMMITTEE ON COMPANY LAW REFORM TODAY (THURSDAY) RELEASED ITS THIRD ANNUAL REPORT AFTER IT HAS BEEN CONSIDERED BY THE EXECUTIVE COUNCIL.
IN ITS REPORT FOR 1986, THE COMMITTEE CONSIDERED AND MADE RECOMMENDATIONS ON A WIDE RANGE OF SUBJECTS. ONE OF THE MAJOR RECOMMENDATIONS PUT FORWARD IS THE INTRODUCTION OF NEW LEGISLATION TO REGULATE WHAT SUMS MAY BE DISTRIBUTED AS PROFITS BY LIMITED COMPANIES TO THEIR SHARE-HOLDERS. THE LEGISLATION WOULD ONLY MAKE LAW WHAT IS ALREADY GOOD ACCOUNTING PRACTICE FOLLOWED BY THE LEADING LISTED COMPANIES.
THE REPORT ALSO CONTAINED RECOMMENDATIONS REGARDING THE POWER OF COMPANIES TO PURCHASE THEIR OWN SHARES; REVISING SECTION 48 OF THE COMPANIES ORDINANCE DEALING WITH PROHIBITION OF PROVISION OF FINANCIAL ASSISTANCE BY A COMPANY FOR THE PURCHASE OF ITS OWN SHARES AND SECTION 228A DEALING WITH SPECIAL PROCEDURE FOR VOLUNTARY WINDING UP IN EMERGENCY SITUATIONS.
/THE COMMITTEE