30
WEDNESDAY, MARCH 8, 1989
MOTION ON FUTURES EXCHANGE MEETING PASSED
THE LEGISLATIVE COUNCIL TODAY PASSED A MOTION WHICH WILL THE HONG KONG FUTURES EXCHANGE LIMITED TO POSTPONE HOLDING ANNUAL GENERAL MEETING BY A FURTHER THREE MONTHS TO JULY 1.
ITS
THE MOTION WAS MOVED BY THE FINANCIAL SECRETARY, THE HON JACOBS, UNDER SECTION 5 OF THE HONG KONG FUTURES EXCHANGE (TEMPORARY PROVISIONS) ORDINANCE.
ALLOW
THIRD
PIERS LIMITED
SELF-INITIATED PROPOSED BY THE ENACTED ON JULY
MR JACOBS EXPLAINED THAT TO FACILITATE THE REFORMS OF THE FUTURES EXCHANGE ALONG THE LINES SECURITIES REVIEW COMMITTEE, THE ORDINANCE HAD BEEN 14 LAST YEAR.
ANNUAL ΤΟ BE
SIX
THIRD
DUE
OF
UP
TO
THIS EFFECTIVELY POSTPONED THE HOLDING OF THE GENERAL MEETING OF THE HONG KONG FUTURES EXCHANGE LIMITED HELD ON OR BEFORE SEPTEMBER 30 LAST YEAR BY A PERIOD MONTHS TO APRIL 1.
SECTION 5 OF THE ORDINANCE PROVIDED FOR A FURTHER OF THREE MONTHS BY RESOLUTION OF THE LEGISLATIVE COUNCIL.
THE HONG KONG FUTURES EXCHANGE HAD HELD AN GENERAL MEETING ON FEBRUARY 23 TO SEEK ITS RECONSTITUTION PACKAGE.
SHAREHOLDERS'
POSTPONEMENT
EXTRAORDINARY ENDORSEMENT OF
THIS PACKAGE AIMED AT IMPROVING THE STRUCTURE, EFFICIENCY AND RISK MANAGEMENT OF THE FUTURES EXCHANGE LINES RECOMMENDED BY THE SECURITIES REVIEW COMMITTEE.
OPERATIONAL ALONG THE
REQUIREMENTS DIFFICULTY,
14
"THREE RESOLUTIONS WHICH
AND THE MEMBERSHIP MR JACOBS SAID.
CONCERNED REVISIONS
STRUCTURE WERE PASSED
TO CAPITAL WITHOUT
BOARD
THE
OF COURSE
OF THEIR VOTES CAST
THE
OF
"A FOURTH RESOLUTION WHICH CONCERNED RECONSTITUTION AND THE PROPOSED DISENFRANCHISEMENT IN DUE NON-MEMBER SHAREHOLDERS AND THOSE MEMBERS IN DEFAULT OBLIGATIONS WAS ENDORSED BY JUST OVER 74 PER CENT OF AT THE MEETING."
THE RESOLUTION THUS NARROWLY MISSED THE 75 PER CENT VOTE REQUIRED FOR ITS ADOPTION AS A SPECIAL RESOLUTION.
THE
MAJORITY
SUPPORTED BY EXTRAORDINARY FOR THE THE FUTURES
"THE FACT THAT THE RECONSTITUTION PROPOSALS WERE ALMOST ALL ACTIVE MEMBER-SHAREHOLDERS WHO ATTENDED GENERAL MEETING INDICATES GENERAL SUPPORT OF MARKET USERS CONSTITUTIONAL REFORMS PUT FORTH BY THE BOARD OF EXCHANGE," MR JACOBS SAID.
ESSENTIAL
FOR BY
THE
THE
ΤΟ
"IN VIEW OF THESE ENCOURAGING SIGNS, IT IS PRESENT BOARD OF DIRECTORS, INCLUDING THOSE APPOINTED GOVERNMENT, WHO HAVE BEEN INSTRUMENTAL IN PROPOSING THESE REFORMS, RETAIN THEIR POSITIONS FOR A FEW MORE MONTHS то ASSIST THROUGH A FULL RECONSTITUTION OF THE EXCHANGE.'
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