2
WEDNESDAY, NOVEMBER 2, 1988
"THIS WILL COVER DIRECT INSURANCE BUSINESS AND IS GIVE THE GREATEST PROTECTION TO INDIVIDUAL CLAIMANTS, THAT
MR JACOBS SAID. HOLDERS AND ENTITLED THIRD PARTIES,
"
CLAIMS
TO AVOID DOUBLE BENEFITS, INSOLVENCY COMPENSATION SCHEMES SUCH AS INSOLVENCY FUND WOULD BE EXCLUDED.
DESIGNED ΤΟ
IS POLICY
ELIGIBLE FOR RELIEF UNDER THE MOTOR INSURERS' BUREAU
T
BE CLAIMS UNDER MR RECEIVABLES,
OTHER
CLAIMS WILL "A NEW THIRD CLASS OF PRIORITY
ALL AFTER OFFSETTING RE-INSURANCE, CONTRACTS OF
BE USUALLY WOULD CLAIMANTS THESE THAT JACOBS SAID, ADDING INSURANCE COMPANIES.
ALSO TO AVOID DOUBLE BENEFITS, BOTH NEW BUSINESS, INSURANCE
то GENERAL
RELATE ONLY ACCORDED PRIORITY IN ANOTHER JURISDICTION.
CLASSES, WHICH WOULD WOULD EXCLUDE CLAIMS
CLAUSE 13 TURNING TO FILING OF ANNUAL RETURNS, MR JACOBS SAID
ORDINANCE SO THAT ALL SOUGHT TO AMEND SECTION 109 OF THE COMPANIES
OF REGISTRAR
COMPANIES FOR REGISTRATION RETURNS SUBMITTED TO THE WITHIN 42 DAYS OF A COMPANY'S ANNUAL GENERAL MEETING, WOULD ATTRACT FEE OF $50.
A
AT PRESENT,
THE FEE
UPON PAYABLE
OF THE DELIVERY
ANNUAL
RETURN WAS $50 FOR A PRIVATE COMPANY AND $100 FOR ANY OTHER COMPANY.
A SCALE OF FEES, RANGING
IN ADDITION, CLAUSE 13 INTRODUCED FROM $500 FOR DELIVERY MORE MONTHS OF THE ANNUAL GENERAL AFTER SIX MONTHS.
THAN
MEETING
12
DAYS TO
AFTER $1,500
BUT WITHIN FOR RETURNS
THREE FILED
MOUNTED SEVERAL
MR JACOBS SAID THE REGISTRAR OF COMPANIES HAD PROSECUTIONS BUT THESE HAD PROVED TO BE VERY TIME-CONSUMING.
TACKLE THE GROWING "WE CONSIDER THAT A MORE EFFECTIVE WAY TO PROBLEM OF DEFAULTS IS TO INTRODUCE PENALTY RATES UPON LATE FILING.
++
BILL
OR
ON COMPANY PROSPECTUSES, THE FINANCIAL SECRETARY SAID THE
USING PHOTOGRAPHS AGAINST SOUGHT ΤΟ LIFT THE PROHIBITION ILLUSTRATIONS OF A PICTORIAL OR GRAPHIC NATURE IN THESE PUBLICATIONS,
MINIMUM
FOR
RECOMMENDATION, COMMISSION'S
AGE
APPOINTMENT
THE
AS A
IN LINE WITH THE LAW REFORM
THE LOWER
BILL ALSO SOUGHT TO
COMPANY DIRECTOR FROM 21 TO 18.
DEBATE ON THE BILL WAS ADJOURNED.
13