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TUESDAY, JUNE 21, 1988
THE SPOKESMAN STRESSED THAT WHILE THE
AMENDMENT RECTIFIES AN IT DOES NOT
OVERSIGHT AND BENEFITS LEGITIMATE BUSINESS ENTERPRISES, IN ANY WAY WEAKEN CONTROL AGAINST TRIAD SOCIETIES.
THE PROPOSED AMENDMENT SHALL BE DEEMED TO HAVE COME INTO EFFECT FROM JULY 7, 1978, THAT IS THE DATE WHEN THE COMPANIES ORDINANCE WAS AMENDED.
THE CHANGE WILL NOT, HOWEVER, AFFECT LEGAL PROCEEDINGS WHICH COMMENCED ON OR BEFORE TODAY (TUESDAY).
THE
ON THE DECISION TO APPLY THE AMENDMENTS RETROSPECTIVELY, SPOKESMAN SAID THAT AS A MATTER OF GENERAL PRINCIPLE, LAWS SHOULD NOT BE MADE RESTROSPECTIVE.
"BUT AFTER CAREFUL CONSIDERATION IT WAS FELT THAT IN THIS CASE, THE AMENDMENT HAD TO BE GIVEN RETROSPECTIVE EFFECT TO ENSURE THAT THOSE WHO HAD ALREADY ENTERED INTO OTHERWISE LEGITIMATE TRANSACTIONS WITH LARGE LEGAL, ACCOUNTING AND STOCKBROKING FIRMS ARE NOT PRECLUDED FROM ENFORCING THEIR RIGHTS OR, ALTERNATIVELY, ARE NOT PERMITTED ΤΟ EVADE THEIR OBLIGATIONS ARISING FROM SUCH TRANSACTIONS.
"THERE WAS ALSO CONCERN THAT WHERE THE LARGE FIRMS AS AGENTS IN LEGAL PROCEEDINGS OR IN COMMERCIAL, FINANCIAL TRANSACTIONS, THE PARTIES FOR WHOM THEY ACTED AND PERSONS THEY DEALT MIGHT BE UNABLE To ENFORCE THEIR INTERESTS AMENDMENT OPERATES RETROSPECTIVELY," THE SPOKESMAN SAID.
HAD ACTED OR SHARE WITH WHOM UNLESS THE
THE AMENDING BILL. WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON JULY 6.
THIRTEEN BILLS, NINE QUESTIONS BEFORE LEGCO
MEMBERS OF THE LEGISLATIVE COUNCIL WILL ASK NINE QUESTIONS AND CONSIDER 13 BILLS AT A MEETING TOMORROW (WEDNESDAY).
OF THE 13 BILLS, EIGHT WILL BE INTRODUCED FOR FIRST AND SECOND READINGS AND DEBATE ON THEM WILL BE ADJOURNED.
/THEY ARE:
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