THURSDAY, AUGUST 30, 1990
SIXTH REPORT OF STANDING COMMITTEE ON COMPANY LAW REFORM PUBLISHED
REFORM IS PUBLISHED TODAY (THURSDAY).
* *
THE SIXTH REPORT OF
THE STANDING
COMMITTEE ON COMPANY LAW
IT
AMONG
OTHER
THINGS, THE
OF SUBJECTS
OWN SHARES
STANDING COMMITTEE'S INSIDER AND THE SECURITIES
DEALING,
THE
THE
STANDING
COMMITTEE EXAMINED
THE
(INSIDER COUNCIL
COVERED, CONSIDERATION DURING 1989 OF THE
BY A
ITS COMPANY OF (DISCLOSURE OF INTERESTS) ORDINANCE.
PURCHASE
DEALING) BILL 1989 WHICH WAS INTRODUCED INTO THE ON JULY 12, 1989.
SECURITIES
LEGISLATIVE
IN ITS STAGE
A
"MANY OF THE CONCERNS RAISED BY THE STANDING COMMITTEE
BILL THE
WERE
IN THE DISCUSSION OF
REFLECTED
COMMITTEE WHICH WAS ENACTED ON JULY BILL
1990," 25, AMENDMENTS TO THE GOVERNMENT SPOKESMAN SAID.
ONCE LEGISLATION IN THE ORDINANCE WILL BE BROUGHT INTO FORCE
OF ITS OWN SHARES AND STOCK RESPECT OF THE PURCHASE BY A COMPANY LENDING AND BORROWING FREE OF STAMP DUTY IS IN PLACE.
IN VIEW OF
THE
ON THE PROGRESS BEING MADE
NECESSARY INTEREST IN THE QUESTION OF ALLOWING LEGISLATION AND THE GENERAL
COMMITTEE LISTED COMPANIES TO PURCHASE THEIR OWN SHARES, THE STANDING RESUMED CONSIDERATION OF THE SUBJECT IN 1989.
"HAVING
CONSIDERED THE
TO
BY
THE JOINTLY SUBMITTED PROPOSAL
EXCHANGE, THE SECURITIES AND FUTURES COMMISSION (SFC) AND THE STOCK
FOR ALLOWING STANDING COMMITTEE AGREED TO PROCEED WITH THE PROPOSAL
PRIOR OWN SHARES SUBJECT LISTED COMPANIES
WITH
OF BENEFICIAL DISCLOSURE ENACTMENT OF
DEALING
INSIDER DEALING, DISTRIBUTABLE PROFITS OWNERSHIP OF SHAREHOLDINGS, AND FIDUCIARY DUTIES OF DIRECTORS," THE SPOKESMAN SAID.
то LEGISLATION
PURCHASE
THEIR
OF INTERESTS)
THE SECURITIES (DISCLOSURE
LATER IN TO BE EXPECTED
BROUGHT INTO FORCE SECURITIES (INSIDER DEALING) ORDINANCE BY THE END SPOKESMAN SAID.
"LEGISLATIVE
ΤΟ PROPOSALS
ORDINANCE
1988 IS
THE YEAR AND OF THE YEAR,
THE
THE
PROFITS COVER DISTRIBUTABLE
AND WILL PREPARED BEING FOR CONSIDERATION LATER IN
AND
BE THE
FIDUCIARY DUTIES OF DIRECTORS ARE SUBMITTED TO THE EXECUTIVE COUNCIL YEAR, HE SAID.
HT
DRAFT
OF
LEGISLATION THE YEAR,
"
"IN VIEW OF THE IMPORTANCE OF THIS SUBJECT, IS BEING PREPARED WITH A VIEW TO ENACTMENT BY THE END THE SPOKESMAN ADDED.
DURING THE YEAR,
THE
NUMBER OF AMENDMENTS
TO
THE
ORDINANCE PROPOSED BY THE SFC
STANDING
COMMITTEE
ALSO
CONSIDERED
A
OF
INTERESTS)
SECURITIES (DISCLOSURE AND THE STOCK EXCHANGE.
/THE STANDING