WEDNESDAY, NOVEMBER 30, 1988
HE SAID THE AD HOC GROUP BILL'S PROPOSED AMENDMENT TO THE MINIMUM AGE OF COMPANY DIRECTORS.
2
DID NOT CHALLENGE THE SPIRIT OF THE
COMPANIES ORDINANCE TO LOWER
THE
THIS HAD BEEN MADE IN THE CONTEXT OF RECOMMENDATION": OF THE LAW REFORM COMMISSION FOR REDUCING THE AGE OF MAJORITY FROM 21 TO 18.
THE GROUF WAS, HOWEVER, CONCERNED THAT BEFORE THE RELEVANT LEGISLATION WHICH WOULD GIVE EFFECT TO THE LAW REFORM COMMISSION RECOMMENDATIONS WAS IMPLEMENTED, THE DISPARITY I. THE MINIMUM AGE FOR COMPANY DIRECTORS AND THE AGE OF MAJORITY MIGHT PROVIDE A VENUE FOR CIRCUMVENTING THE LAW, HE SAID.
"MINORS WHO AT PRESENT HAVE NO CONTRACTUAL CAPACITY MAY HAVE THE OPPORTUNITY TO TAKE ADVANTAGE OF THE PROPOSED AMENDMENT AND ENTER INTO CONTRACTS VIA A COMPANY IN THEIR CAPACITY AS COMPANY DIRECTORS, HE POINTED OUT.
T+
MR ARCULLI SAID THE PROPOSED AMENDMENT TO LOWER THE MINIMUM AGR OF COMPANY DIRECTORS SHOULD BETTER BE DEALT WITH AT THE SAME TIME AS THE PROPOSED LEGISLATION DEALING WITH THE REDUCTION OF THE AGE OF MAJORITY FROM 21 TO 18.
THIS WOULD HELP AVOID THE POSSIBLE SITUATION IN WHICH THE VALIDITY OF CONTRACTS ENTERED INTO BY MINOR DIRECTORS ON BEHALF OF THEIR COMPANIES MIGHT BE CHALLENGED.
DURING THE RESUMED DEBATE ON THE SECOND READING OF THE BILL, THE HON PETER WONG, HAD COMMENTED ON CLAUSE 13.
THIS SOUGHT TO INTRODUCE A NEW SCALE OF FEES ON THE FILING OF ANNUAL RETURNS.
WHILE ACCEPTING THAT THERE SHOULD BE SOME DISINCENTIVE FOR THOSE WHO WERE LATE IN FILING AND THAT THEY WOULD PAY A HIGHER FEE, MR WONG SAID THERE MIGHT BE OCCASIONS, SUCH AS DURING OVERSEAS POSTAL STRIKES, WHEN LATE FILING WAS UNAVOIDABLE.
HE SAID HE WOULD LIKE THE FINANCIAL SECRETARY TO GIVE AN ASSURANCE THAT IN SUCH CIRCUMSTANCES THERE SHOULD BE A DISCRETION TO WAIVE THE HIGHER FEE, AS ENVISAGED BY THE GENERAL PROVISION SECTION 96 (B) OF THE INTERPRETATION AND GENERAL CLAUSES ORDINANCE.
IN
0
*
1
13