WEDNESDAY, JULY 20, 1988
33
DRAFTING POINT AMENDMENT MADE TO BILL
AN AMENDMENT TO THE MONEY LENDERS (AMENDMENT} BILL 1988 WAS MOVED BY THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, DURING THE BILL'S COMMITTEE STAGE IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MR JACOBS SAID THE AMENDMENT TO CLAUSE 31 CONCERNED A DRAFTING POINT AND HE WAS GRATEFUL TO THE HON DAVID LI FOR BRINGING IT ATTENTION.
TO
"THE PROPOSED SECTION 33C AT CLAUSE 31 OF THE BILL PROVIDES THAT WHERE AN EXEMPTED PERSON SPECIFIED IN PART 1 OF SCHEDULE 1 MAKES A LOAN AND THEREAFTER CEASES TO BE SO SPECIFIED, THAT LOAN SHALL BE DEEMED TO BE AN EXEMPTED LOAN SPECIFIED IN PART 2 OF SCHEDULE 1," HE SAID.
"THE MONEY LENDERS ORDINANCE WORKS ON THE PRINCIPLE THAT THE LENDER'S STATUS AS AN EXEMPTED PERSON IS ONLY RELEVANT AS AT THE TIME OF MAKING THE LOAN.
"SO ANY CHANGE IN THE LENDER'S STATUS SUBSEQUENT TO THE DOES NOT AFFECT THE VALIDITY OF THE LOAN.
LOAN
"THE PROPOSED SECTION 33C IS THEREFORE REDUNDANT. MOREOVER, IT RAISES DOUBTS AS TO THE STATUS OF EXEMPTED LOANS WHERE THE BORROWER SUBSEQUENTLY CEASES TO MEET THE REQUIREMENTS NECESSARY FOR THE LOAN TO QUALIFY AS AN EXEMPTED LOAN.
"TO REMOVE THE UNCERTAINTY, I PROPOSE TO DELETE THE PROPOSED SECTION 33c."
CALL FOR VIGILANCE ON RETROSPECTIVE LEGISLATION
* * * * *
THE HON MARTIN LEE URGED HIS LEGCO COLLEAGUES TODAY (WEDNESDAY) TO BE VIGILANT IN MAKING SURE THAT RETROSPECTIVE LEGISLATION WOULD ONLY BE PASSED AS A MATTER OF ABSOLUTE NECESSITY.
IT SHOULD ONLY BE PASSED IN WHOLLY EXCEPTIONAL CIRCUMSTANCES, AND ONLY WHEN THEY WERE FULLY SATISFIED THAT IT WOULD NOT DO ANY INJUSTICE TO ANYONE WHO MIGHT BE AFFECTED BY IT, HE ADDED.
THAT MORE
MR LEE WAS SPEAKING IN SUPPORT OF THE SOCIETIES (AMENDMENT) (NO. 3) BILL 1988 WHICH SOUGHT TO RECTIFY A DRAFTING OVERSIGHT PARTNERSHIPS OF SOLICITORS, ACCOUNTANTS AND OTHERS CONSISTING OF THAN 20 PERSONS HAVE NOT BEEN EXEMPTED FROM ITEM (6) OF THE SCHEDULE TO THE SOCIETIES ORDINANCE.
THE BILL,