9
WEDNESDAY, JUNE 24, 1987
PROVIDES THE BILL "CLAUSE 4 OF CHARGED
GENERALLY TO THE RELATION IN OFFICIAL RECEIVERS'S OFFICE AND THAT THEY ADMINISTRATIVE OR OTHER COSTS INCURRED IN
THAT
FEES
BE CAN
VALIDLY PROVIDED BY THE SERVICES
THE NEED NOT BE SPECIFIC TO ANY PARTICULAR BANKRPUTCY.
A REQUIREMENT AND BANKRPUTCY BY COURT ORDER IN
"THE BILL ALSO AMENDS SECTION 9 BY INTRODUCING FOR THE PERSONAL SERVICE OF BANKRPUTCY NOTICES PETITIONS WITH PROVISION FOR SUBSTITUTED SERVICE APPROPRIATE CIRCUMSTANCES.
"THIS WILL REPLACE
PETITIONS CAN BE UNSATISFACTORY IN
THE PRESENT PROCEDURE WHEREBY SUCH
WHICH HAS BEEN FOUND SERVED BY POST,
TO BE
OCCASIONS THE ON SOME
ARE NOT THAT
PETITIONS BE SERVED, MR NENDICK RECEIVED BY THE PERSON ON WHOM THEY ARE TO SAID.
CE
BILL TO ENSURE QUALITY OF INSURANCE MARKET
*
TO
ON
A BILL TO GIVE THE INSURANCE AUTHORITY DISCRETIONARY POWERS REFUSE AN APPLICATION BY A COMPANY TO BECOME AN AUTHORISED INSURER
8(2) SECTIONS
AND
THE (3) OF
INSURANCE GROUNDS NOT SPECIFIED IN COMPANIES ORDINANCE WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
THE
OR
IT
UNDER THE ORDINANCE, SECTIONS 8(2) AND (3) STIPULATED THAT INSURANCE AUTHORITY SHOULD NOT AUTHORISE A COMPANY IF ANY DIRECTOR CONTROLLER OF THE COMPANY WAS NOT A "FIT AND PROPER" PERSON OR IF
RELATING TO ITS NET ASSETS, DID NOT SATISFY CERTAIN CAPITAL AND MANAGEMENT.
CONDITIONS
TO
HOWEVER, THE REQUIREMENTS IN THE TWO SECTIONS WERE INTENDED
THE HON BE THE MINIMUM REQUIREMENTS, THE ACTING FINANCIAL SECRETARY,
THE INSURANCE DAVID NENDICK, NOTED WHEN MOVING THE SECOND READING OF COMPANIES (AMENDMENT) (NO.2) BILL 1987 IN THE COUNCIL.
APPLICANT WHO
IF THE INSURANCE AUTHORITY HAD TO AUTHORISE ANY SATISFIED THESE MINIMUM CONDITIONS, IT WOULD BE DIFFICULT TO EXERCISE THE LOCAL INSURANCE MARKET EFFECTIVE QUALITY CONTROL OVER ENTRY TO
OF LOW QUALITY INSURANCE
AND COULD
RESULT
IN
PROLIFERATION
COMPANIES IN HONG KONG, HE SAID.
/"IN THE