33
WEDNESDAY, JULY 5, 1989
SEVEN MEMBERS WERE TO BE PUBLIC
MEMBERS COMPRISED THREE
SIVEN
NOT MORE THAN FOUR OF THE OFFICERS, AND AT PRESENT THE OFFICERS AND FOUR OTHERS.
PUBLIC
OF
OF THE THAT THE AS FROM
"AS A RESULT OF A RECENT REVIEW OF THE MANAGEMENT STRUCTURE THE CORPORATION, IT HAS BEEN DECIDED THAT THE GENERAL MANAGER CORPORATION SHOULD TAKE UP THE ROLE OF CHIEF EXECUTIVE, AND DIRECTOR OF INDUSTRY SHOULD CEASE TO BE THE CHIEF EXECUTIVE JULY 1, 1989," MR NENDICK SAID.
DIRECTOR SHOULD THE WORK
"HOWEVER, IT IS CONSIDERED ESSENTIAL THAT THE CONTINUE TO SERVE ON THE BOARD IN ORDER TO PROVIDE INPUT TO OF THE CORPORATION.
P
MR NENDICK SAID IT WAS ALSO CONSIDERED BENEFIT FROM THE ADDITION OF A FURTHER MEMBER.
TO
THAT THE BOARD WOULD
THE
OF DIRECTOR FROM OUTSIDE
THE
APPOINT BOARD "IN ORDER TO ALLOW INDUSTRY AS A MEMBER AND ALSO TO APPOINT ANOTHER MEMBER
OF MEMBERS SHOULD THE CIVIL SERVICE, IT IS PROPOSED THAT THE NUMBER BE INCREASED FROM SEVEN TO NINE, EXCLUDING THE CHAIRMAN AND THE EXECUTIVE," HE SAID.
CHIEF
THE
PROCEDURES IN
"IN ADDITION, THE BILL ALSO PROPOSES SOME MINOR CHANGES TO
ORDER ORDINANCE IN
THE ADMINISTRATIVE TO SIMPLIFY CARRYING OUT SELECTED FUNCTIONS OF THE CORPORATION.
DEBATE ON THE BILL WAS ADJOURNED.
STREAMLINING PROCEDURES ON CAPITAL MARKET ISSUES
THE
I
STREAMLINE THE OF CERTIFICATES OF
INVESTORS (AMENDMENT) MAIN PURPOSE OF THE PROTECTION OF BILL 1989 IS TO AMEND THE RELEVANT ORDINANCE AND TO
REGARDING PROCEDURES
ADVERTISEMENTS IN RESPECT DEPOSIT (CD) AND COMMERCIAL PAPER (CP) ISSUES, THE SECRETARY, THE HON DAVID NENDICK, TOLD THE LEGISLATIVE COUNCIL (WEDNESDAY).
ACTING FINANCIAL TODAY
SAID CD ARRANGEMENTS
IN MOVING THE SECOND READING OF THE BILL, MR NENDICK AND CP ISSUES FELL WITHIN THE DEFINITION OF INVESTMENT
THE ORDINANCE, THE MAIN PURPOSE OF WHICH WAS UNDER MEASURE OF PROTECTION TO ORDINARY INVESTORS IN SECURITIES PROPERTY BY REQUIRING THE ADEQUATE DISCLOSURE OF RELEVANT INFORMATION,
THE
TO PROVIDE A AND OTHER
FUTURES
OF CAPITAL "AS THE LAW NOW STANDS, ADVERTISEMENTS IN RESPECT
SECURITIES AND ISSUES
AUTHORISED BY MARKET
BE MUST COMMISSION BEFORE SUCH ISSUES CAN BE MARKETED IN HONG KONG.
/"IN RECENT