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FRIDAY, APRIL 6, 1990
THE ASSISTANT SOLICITOR GENERAL, MR ANDREW BRUCE, SAID THR ADOPTION OF THE MODEL LAW AND THE FACILITIES AND SERVICES PROVIDED BY THE INDEPENDENT HONG KONG INTERNATIONAL ARBITRATION CENTRE, WHICH WAS
AN ESTABLISHED IN 1985, WOULD MAKE HONG KONG
ATTRACTIVE CHOICE OF VENUE FOR INTERNATIONAL ARBITRATIONS.
THE UNITED NATIONS COMMISSION ON INTERNATIONAL TRADE LAW (UNCITRAL) PRODUCED THE MODEL LAW IN 1985 WITH THE AIM OF PROVIDING THE INTERNATIONAL BUSINESS COMMUNITY WITH A CLEARLY EXPRESSED UNIVERSAL CODE THAT COULD BE USED
ACHIEVE SPEEDY RESOLUTION OF DISPUTES WITH MINIMAL INTERFERENCE BY THE COURTS AND WITHOUT ELABORATE PROCEDURES.
THE UNCITRAL INITIATIVE IN THIS FIELD WAS PROMPTED BY THE PROBLEMS THAT PRACTITIONERS OF INTERNATIONAL ARBITRATION AND THEIR CLIENTS FOUND IN DEALING WITH THE WIDELY DIFFERING REGIMES UNDER WHICH ARBITRATION OPERATED IN DIFFERING JURISDICTIONS.
IF DIFFERENT COUNTRIES HAD DIFFERENT MECHANISMS FOR RESOLVING VENUE FOR COMMERCIAL DISPUTES, BUSINESSMEN WERE UNLIKELY TO CHOOSE A
OR ARBITRATION IF THEY
THEIR ADVISERS WERE UNFAMILIAR WITH VENUE'S ARBITRATION LAWS AND PROCEDURES.
THAT
LAW,
THE ESTABLISHMENT OF A COMMON PROCEDURES, OR A MODEL WOULD ENABLE BUSINESSMEN TO CHOOSE A VENUE FOR ITS CONVENIENCE AND PUT ASIDE WORRIES ABOUT PROCEDURAL MATTERS.
HONG KONG IS ONE OF THE FIRST JURISDICTIONS IN THE WORLD ADOPT THE UNCITRAL MODEL LAW.
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COMPANIES (AMENDMENT} {
(NO. 2) ORDINANCE 1990 GAZETTED
* *
(NO. 2)
FOLLOWING THE PUBLICATION OF THE COMPANIES (AMENDMENT) ORDINANCE 1990 IN THE GAZETTE TODAY (FRIDAY), A NEW, IMPROVED SYSTEM OF KEEPING COMPANY RECORDS AND MAKING THEM AVAILABLE FOR SEARCH BY THE PUBLIC ON MICROFILM WILL BE BROUGHT INTO OPERATION BY THE COMPANIES REGISTRY ON APRIL 20.
THE REGISTRAR GENERAL, MR NOEL GLEESON, SAID THE NEW SYSTEM WOULD APPLY TO ALL COMPANY RECORDS, EXCEPT SHAREHOLDERS LISTS WHICH WERE NOT EASY TO MICROFILM BECAUSE OF THEIR SIZE.
SAID.
THE NEW SYSTEM WOULD ALSO ACHIEVE SAVINGS IN FLOOR SPACE, HE
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