5
THURSDAY, AUGUST 30, 1990
THE STANDING COMMITTEE SUPPORTED SFC'S PROPOSAL FOR A NEW PROCEDURE FOR NOTIFICATION OF INTERESTS AND THE STOCK EXCHANGE'S PROPOSAL FOR A STATUTORY IMMUNITY IN RELATION TO THE BONA FIDE PERFORMANCE OF ITS DUTIES UNDER THE ORDINANCE ON THE UNDERSTANDING THAT THE STOCK EXCHANGE WOULD IMPLEMENT SATISFACTORY CHECK ALL PRICE-SENSITIVE INFORMATION RECEIVED.
ARRANGEMENTS TO
M
"THE PROPOSALS WERE INCLUDED IN THE SECURITIES (DISCLOSURE OF INTERESTS) (AMENDMENT) BILL WHICH WAS ENACTED ON JUNE 27 THIS YEAR, THE SPOKESMAN SAID.
IN ADDITION, ON THE RECOMMENDATION OF THE SFC, THE STANDING COMMITTEE ALSO RECOMMENDED THAT AMENDMENTS BE MADE TO THE SECURITIES (DISCLOSURE OF INTERESTS) ORDINANCE 1988 IN RELATION TO THE EXEMPTIONS FOR DISCRETIONARY TRUSTS UNDER PART II OF THE ORDINANCE AND THE CONCERT PARTY PROVISIONS.
HIS CAPACITY AS THE THE PROCEDURES UNDER
A PROPOSAL BY THE REGISTRAR GENERAL, IN OFFICIAL RECEIVER, FOR CERTAIN IMPROVEMENTS IN SECTION 209A FOR CONVERSION FROM A COMPULSORY WINDING-UP OF A COMPANY TO A CREDITORS' VOLUNTARY WINDING-UP WAS ALSO CONSIDERED AND SUPPORTED BY THE STANDING COMMITTEE.
"THIS WAS SUBSEQUENTLY INCLUDED IN THE (NO. 4). BILL WHICH WAS ENACTED ON JULY 25 THIS SAID.
COMPANIES (AMENDMENT) YEAR, THE SPOKESMAN
FOLLOWING AN OVERALL REVIEW OF THE LEVEL OF PENALTIES PRESCRIBED IN THE COMPANIES ORDINANCE, THE REGISTRAR GENERAL, IN HIS CAPACITY AS THE REGISTRAR OF COMPANIES, PROPOSED THAT VARIOUS PENALTIES BE INCREASED IN ORDER TO ENHANCE THEIR DETERRENT EFFECT AND TO TAKE ACCOUNT OF INFLATION OVER THE YEARS.
"THE STANDING COMMITTEE ADVISED THAT IT HAD NO OBJECTIONS то THE PROPOSALS AND THESE WERE SUBSEQUENTLY INCLUDED IN THE COMPANIES (AMENDMENT} ORDINANCE 1990 WHICH WAS PASSED BY THE LEGISLATIVE COUNCIL ON FEBRUARY 14 THIS YEAR," THE SPOKESMAN SAID.
A
APART FROM THE ABOVE, THE STANDING COMMITTEE ALSO CONSIDERED NUMBER OF IMPORTANT ISSUES INCLUDING THE AUDIT OF COMPANY ACCOUNTS, QUALIFICATIONS OF COMPANIES' SECRETARIES AND PROVISIONS RELATING ΤΟ SMALL PRIVATE COMPANIES.
"CONSIDERATION OF THESE ISSUES IS
STILL CONTINUING," THE
SPOKESMAN SAID.
MEMBERS OF THE PUBLIC WHO WISH TO OBTAIN A COPY OF THE STANDING COMMITTEE'S REPORT CAN WRITE TO THE SECRETARY ΤΟ THE STANDING COMMITTEE ON COMPANY LAW REFORM, REGISTRAR GENERAL'S DEPARTMENT, COMMERCIAL DIVISION, QUEENSWAY GOVERNMENT OFFICES, 21ST FLOOR, 66 QUEENSWAY, HONG KONG.
"THOSE INTERESTED IN THE SUBJECTS COVERED BY THE COMMITTEE'S REPORT ARE INVITED TO SUBMIT THEIR COMMENTS IN WRITING TO SECRETARY FOR MONETARY AFFAIRS, ADMIRALTY CENTRE, TOWER FLOOR, 18 HARCOURT ROAD, HONG KONG NOT LATER THAN NOVEMBER HE ADDED.
THE
II.
24TH
2.
1990,"
0
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