15
1
WEDNESDAY, FEBRUARY 10, 1988
JACOBS
NOTED
FINANCIAL
OR UNLISTED PUBLIC OF THE DATES OF
HOWEVER, MR
THAT AUTHORISED INSTITUTIONS WHICH WERE KITHER PRIVATE COMPANIES COMPANIES WERE NOT REQUIRED TO GIVE PUBLIC THEIR ANNUAL GENERAL MEETINGS.
NOTICE
IN VIEW OF THIS, BE SAID HE THEREFORK PROPOSED THAT ALL AUTHORISED FINANCIAL INSTITUTIONS SHOULD BE REQUIRED TO GIVE AT LEAST FOUR WEEKS' NOTICE OF THE DATES OF THEIR ANNUAL GENERAL MEETINGS IN AN APPROVED CHINESE LANGUAGE NEWSPAPER AND AN APPROVED ENGLISH
LANGUAGE NEWSPAPER.
A
A FURTHER MINOR AMENDMENT WAS NEEDED TO CLAUSE 4 TO REQUIRE 'NIL' STATEMENT TO BE PREPARED BY AN INSTITUTION WHERE NO RELEVANT TO LOAN EXISTED SO THAT THE AUDITOR, WHERE APPROPRIATE, MIGHT BE ABLE
LOANS OMITTED INCLUDE IN HIS REPORT PARTICULARS OF
FROM THE 'NII.'
STATEMENT, MR JACOBS ADDED
DURING THE RESUMPTION OF THE SECOND READING OF THE BILL, MR
AND THE JACOBS THANKED THE HON PETER POON,
HELMUT SOIMEN A.D THE HON F.K. HE AND THE
HOC AD
GROUP
HON LEGCO
FOR FOR
TRFIR SUPPORT, THEIR ASSISTANCE.
HAD POINTED OUT. HE SAID THAT AS MR POON
CONCERN
IN DIFFICULTIES EXPRESSED THAT AUDITORS MIGHT ENCOUNTER WHETHER A LOAN WAS CONCESSIONARY OR NOT,
HAD BFEN DETERMINING
REQUIRED OF
IN PARTICULAR IT WAS FEARED THAT THE SUBJECTIVITY ABDITORS WOULD LEAD TO DIFFERENT TREATMENT OF EQUIVALENT LOANS IN FINANCIAL STATEMENTS OF DIFFERENT INSTITUTIONS, MR JACOBS NOTEL,
HE SAID HE UNDERSTOOD THIS CONCERN THERE WOULD BE INSUPERABLE DIFFICETIES.
THE
BOT DID
NOT
EXPR I
THAT
ARE LIKELY
BE
TO
PRW IN SHOULD IN MOST
"LOANS FALLING INTO THIS CATEGORY
OCCUR, TEH CIRCUMSTANCES NUMBER AND WHERE THEY DO CASES BE CLEAR CUT, BE ADDED.
"THERE WELL ALWAYS BE MARGINAL CASES WHERE AUDITORS
TO EXERCISE THEIR JUDGEMENT.
WILL
HAVE
HE POINTED OUT THAT AUDITORS WERE NOT UNUSED TO THIS TASK APPLYING THE PROVISIONS OF THE ORDINANCE, AND THE WORDING OF THE MADE IT CLEAR THAT A TEST OF REASONABLENESS WOULD BE INVOLVED.
ALTHOUGH
NOT CONVINCED
WELEN
#{T 1.
THAT ANY CHANGE TO THE PRESENT MR JACOBS PROPOSALS IN THIS REGARD WOULD BE WARRANTED AT THIS STAGE,
TI TO RECONSIDER THE MATTEL IN SAID HE WAS PREPARED, HOWEVER,
OF EXPERIENCE,
LIGAT
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