FRIDAY, JANUARY 8, 1988
8
BILL EXEMPTS DISCLOSURE OF LOAN DETAILS
AMENDMENTS TO EXEMPT
THE GOVERNMENT IS PROPOSING LEGISLATIVE AUTHORISED FINANCIAL INSTITUTIONS FROM DISCLOSING IN THEIR ANNUAL
то TERMS ACCOUNTS, DETAILS OF LOANS ON NORMAL
DIRECTORS
AND OTHER OFFICERS.
COMMERCIAL
INSTEAD, THEIR ACCOUNTS WILL BE REQUIRED TO CONTAIN AGGREGATE FIGURES FOR ANY SUCH LOANS BUT WILL STILL HAVE TO GIVE DETAILS OF ANY LOANS IN EXCESS OF HK$10 MILLION MADE TO A DIRECTOR OR OTHER OFFICERS ON CONCESSIONARY TERMS.
DETAILS OF THE AMENDMENTS ARE CONTAINED IN THE (AMENDMENT) BILL 1988 GAZETTED TODAY (FRIDAY).
COMPANIES
TO BY
A GOVERNMENT SPOKESMAN EXPLAINED THAT UNDER THE COMPANIES ORDINANCE, ALL COMPANIES INCORPORATED IN HONG KONG WERE REQUIRED SET OUT IN THEIR ANNUAL ACCOUNTS INFORMATION CONCERNING LOANS MADE THE COMPANIES TO THEIR DIRECTORS AND OTHER OFFICERS.
THIS REQUIREMENT ALSO APPLIES TO BANK AND DEPOSIT-TAKING COMPANIES INCORPORATED IN HONG KONG.
"BY THE VERY NATURE OF BANKING BUSINESS, LOANS TO DIRECTORS AND OTHER OFFICERS ARE NOT UNCOMMON.
AND
"THE PROPOSED AMENDMENT WOULD REMOVE THE REQUIREMENT UPON BANKS
COMPANIES DEPOSIT-TAKING
ΤΟ INCLUDE A CUMBERSOME
OF AMOUNT
H
DETAILS IN THEIR ACCOUNTS, THE SPOKESMAN ADDED.
AMENDMENT
WOULD NOT
HOWEVER, HE EMPHASISED THAT THE PROPOSED MEAN LESS DISCLOSURE BY BANKS OR DEPOSIT-TAKING COMPANIES.
OF
INSTEAD BE REQUIRED
ΤΟ LOANS
DIRECTORS
A
"BANKS AND DEPOSIT-TAKING COMPANIES WILL TO KEEP A REGISTER CONTAINING FULL DETAILS WHICH WILL BE AVAILABLE FOR INSPECTION BY MEMBERS OF THE PUBLIC FOR
SEVEN PERIOD OF 14 DAYS BEFORE AND
DAYS AFTER THE ANNUAL GENERAL
MEETING.
"IN ADDITION, THE COMMISSIONER OF BANKING WILL BE OBTAINING OF LOANS INFORMATION ON A REGULAR BASIS FROM AUTHORISED INSTITUTIONS TO THEIR DIRECTORS AND TO RELATED COMPANIES," THE SPOKESMAN SAID.
SCHEDULED TO
BE
THE COMPANIES (AMENDMENT) BILL 1988 IS INTRODUCED INTO THE LEGISLATIVE COUNCIL ON JANUARY 20.
AMENDMENT
OR KONG;
THE INTERESTED PARTIES WHO WISH TO COMMENT ON
OMELCO, 8 JACKSON ROAD, HONG
SHOULD WRITE TO SECRETARY FOR MONETARY AFFAIRS, 24TH FLOOR, ADMIRALTY TOWER II, 18 HARCOURT ROAD, BONG KONG.
BILL
ΤΟ THE CENTRE,
19