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WEDNESDAY, JUNE 6, 1990
HOLDING THAT THE PURPOSE OF THE EMPLOYMENT ORDINANCE WAS TO SAFEGUARD THE INTERESTS OF THOSE WHO WERE LEAST CAPABLE OF PROTECTING THEMSELVES, MR ARCULLI SAID IT SEEMED TO BE STRAINING A POINT ΤΟ SUGGEST, FOR INSTANCE, THAT A QUALIFIED LAWYER OR BUSINESS PEOPLE IN TOP MANAGEMENT POSITIONS REQUIRED THIS SORT OF PROTECTION.
HE NOTED THAT ACCOUNTANTS AND SOLICITORS WERE NOT ALLOWED TO PRACTISE THEIR PROFESSIONS IN THE FORM OF A LIMITED COMPANY WHICH MEANT THAT THEY WERE LIABLE PERSONALLY FOR ANY DEBT OF THEIR FIRM.
"IN ESSENCE THIS MEANS THAT THESE, AND PERHAPS OTHERS, PROFESSIONALS ARE EXPOSED TO THE RISK OF INSOLVENCY SHOULD THEY OR THE FIRM IN WHICH THEY ARE PARTNERS BE UNABLE ΤΟ MEET LONG TERM SERVICE PAYMENTS OR SEVERANCE PAY SHOULD THE OCCASION ARISE, HE SAID.
"SECONDLY," MR ARCULLI SAID, "THE PARTNERS WITHIN
rr
THESE FIRMS PARTNERS TO
ALWAYS CHANGE AND THERE IS LITTLE FAIRNESS IF WE ASK THE ASSUME TODAY THE BURDEN OF LONG TERM SERVICE PAYMENTS OR SEVERANCE PAY TO EMPLOYEES IN RESPECT OF THE PERIOD STARTING FROM THE DATE OF EMPLOYMENT OF EACH EMPLOYEE."
ON
"THIRDLY, PROFESSIONAL FIRMS TEND TO REMUNERATE THEIR STAFF BASIS OF ANNUAL PERFORMANCE WHICH IS RELATED то ANNUAL PROFITABILITY, HE ADDED.
THE
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MR ARCULLI SAID BECAUSE OF THE NATURE OF PARTNERSHIPS, ONE COULD HARDLY ASK A RETIRED PARTNER TO DISGORGE ANY PROFITS HE ENJOYED BY MAKING A CONTRIBUTION TODAY FROM PAST PROFITS SIMPLY BECAUSE A LAW ENACTED TODAY REQUIRED SUCH PARTNERSHIPS ΤΟ BEAR A NEW FINANCIAL BURDEN.
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AD HOC GROUP COMMENDED
* * * * *
STRACHAN, SAID THE ACTING SECRETARY FOR SECURITY, THE HON IAN
GRATEFUL TO THE IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) "HE WAS
MR NGAI'S AD HOC GROUP FOR THE HON NGAI SHIU-KIT AND MEMBERS OF CAREFUL CONSIDERATION THEY HAD GIVEN TO THE GAMBLING (AMENDMENT) 1989.
BILL
WINDING UP THE SECOND READING DEBATE ON THE BILL,
AMENDMENTS WHICH MR NGAI SAID HE AGREED TO THE PROPOSED MOVING IN THE COMMITTEE STAGE.
MR STRACHAN
WOULD BR
THE TITLE OF THE BILL WAS ALSO CHANGED TO GAMBLING BILL 1990 IN THE COMMITTEE STAGE.
(AMENDMENT)
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