18
WEDNESDAY, JULY 13, 1988
ON THE SELECTION OF THE CHIEF EXECUTIVE,
DR SOUMEN SUPPORTED THE PROPOSAL THAT THE FUTURE CHIEF EXECUTIVE OF THE SAR BE ELECTED
BASED THROUGH A BROADLY
ELECTORAL COLLEGE, REPRESENTATIVE OF ALL SECTORS OF THE COMMUNITY AND INCLUDING THE MEMBERS OF THE LEGISLATIVE COUNCIL. SUCH A COLLEGE COULD BE ESTABLISHED IN LATE 1996.
ON THE FUTURE LEGISLATURE, HE SAID THAT DEVELOPMENTS AFTER
FOR 1991 (AND BASIC LAW PROVISIONS) SHOULD AIM
THE REPLACEMENT, IN
ELECTED BY MEMBERS 1994, OF THE THEN REMAINING APPOINTED MEMBERS
BY
FUNCTIONAL CONSTITUENCIES,
HOLD OFFICE
LIKE THEIR DIRECTLY ELECTED COLLEAGUES UNITL JUNE 30, 1997.
-
ΤΟ
+
ELECTIONS OF MEMBERS OF THE FIRST SAR LEGISLATURE ON THE BASIS OF THE ELECTORAL MODEL INTRODUCED IN 1994 SHOULD TAKE PLACE TWO MONTHS PRIOR TO JULY 1, 1997 AND COMPLY WITH BASIC LAW PREREQUISITES AS TO QUALIFICATIONS OF CANDIDATES AND TERMS OF OFFICE.
COUNCIL,
DR
REFERRING TO THE POTENTIAL DIFFICULTIES OF A CHIEF EXECUTIVE
LEGISLATIVE NOT HAVING THE CONFIDENCE OR SUPPORT OF THE SOHMEN SAID THE IDEA THAT THE CHIEF EXECUTIVE BE ELECTED BY MEMBERS OF THE LEGISLATIVE COUNCIL MIGHT RESOLVE THAT PROBLEM.
THE
ht
"ON THE OTHER HAND, WOULD THIS SOLUTION NOT RUN COUNTER TO PRINCIPLE OF THE SEPARATION OF POWERS, AND WOULD IT
INCREASE, ACCOUNTABILITY DECREASE THE
REQUIREMENTS STIPULATED IN THE JOINT
DECLARATION?" HE ASKED.
DR SOHMEN BELIEVED MUCH MORE DISCUSSION WAS REQUIRED ON THAT POINT IN HONG KONG AND WITHIN THE DRAFTING COMMITTEE.
10 PER CENT LEVEL AN APPROPRIATE START
THE
SETTING THE NOTIFIABLE PERCENTAGE FOR SUBSTANTIAL SHAREHOLDERS IN A COMPANY AT 10 PER CENT 18 AN APPROPRIATE START FOR HONG KONG,
THE FINANCIAL SECRETARY,
HON PIERS JACOBS,
'1'1: TOLD
LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
WINDING UP THE RESUMED DEBATE ON THE SECURITIES (DISCLOSURE OF BE REVIEWED INTERESTS) BILL 1988, MR JACOBS SAID THE SITUATION WOULD IN TWO TO THREE YEARS' TIME IN THE LIGHT OF PRACTICAL EXPERIENCE
OPERATION, AND GATHED OF THF LEGISLATION IN
HAVING REGARÐ TO THE PRACTICE IN OTHER JURISDICT FONS.
"WE WILL ALGO CONSULTE TE GENERAL PUBLIC AS WELL AR THE STANDING COMMITTEL ON COMPANY LAW REFORM AND THE PROPOSED SECURITIES AND FUTURES COMMISSION ON ANY CHANGES
BE PROPOSED, THE
THAT MIGHT
ADDED.
/ON DISCRETIONARY