WEDNESDAY, MAY 1, 1991
8
THE LIGHT RAIL TRANSIT EXTENSION TO TIN SHUI WAI WAS ALSO BEING BUILT, AND WAS DUE FOR COMPLETION AT THE END OF 1992, HE ADDED.
MR LEUNG POINTED OUT THAT THE COUNTRY PARK SECTOR OF ROUTE 3 BETWEEN TING KAU AND YUEN LONG HAD ALL ALONG REEN PLANNED FOR COMPLETION IN THE LATE 1990'S. THERE WAS THEREFORE NO "PROTRACTED DELAY OR INDEFINITE DEFERMENT" OF ROUTE 3, HE SAID.
THE SECRETARY FOR TRANSPORT ADDED THAT VARIOUS TRAFFIC MANAGEMENT AND IMPROVEMENT MEASURES WOULD SHORTLY BE PUT IN HAND TO IMPROVE TRAFFIC FLOWS PARTICULARLY ALONG CASTLE PEAK ROAD BETWEEN TUEN MUN AND YUEN LONG.
INSIDER DEALING BILL INTRODUCED
*
A BILL TO SEEK AMENDING THE SECURITIES {INSIDER DEALING} ORDINANCE TO CLARIFY THE DUTY OF OFFICERS OF A CORPORATION IN RELATION TO INSIDER DEALING BY THE CORPORATION WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MOVING THE SECOND READING OF THE SECURITIES (INSIDER DEALING) (AMENDMENT) BILL 1991, THE ACTING FINANCIAL SECRETARY, THE HON HAMISH MACLEOD, SAID THE ORDINANCE IMPOSED A DUTY ON EVERY OFFICER OF A CORPORATION ΤΟ TAKE ALL REASONABLE PRECAUTIONS TO PREVENT INSIDER DEALING BY THE CORPORATION.
AS
WHERE AN INSIDER DEALING TRIBUNAL IDENTIFIED A CORPORATION AN INSIDER DEALER, THE TRIBUNAL MIGHT ALSO IDENTIFY ANY OFFICER OF THAT CORPORATION WHOSE BREACH OF DUTY HAD LED, DIRECTLY OR INDIRECTLY, TO THE INSIDER DEALING IN QUESTION, AND MIGHT MAKE AN ORDER AGAINST HIM AS IF HE WERE AN INSIDER DEALER.
THESE PROVISIONS, AS PRESENTLY WORDED, PRODUCED AN UNINTENDED EFFECT BECAUSE THEY OVERLOOKED THE DISTINCTION DRAWN IN THE ORDINANCE BETWEEN "INSIDER DEALER" AND "INSIDER DEALING", THE SECRETARY NOTED.
MR MACLEOD POINTED OUT THAT THE TRIBUNAL MIGHT MAKE AN ORDER AGAINST ANY PERSON WHICH IT FOUND TO BE AN INSIDER DEALER.
DEFINITION,
BUT A PERSON WHO ENGAGED IN CONDUCT WHICH WAS, BY INSIDER DEALING, MIGHT BE HELD, IN CERTAIN CIRCUMSTANCES, NOT TO BE AN INSIDER DEALER BY VIRTUE OF THE DEFENCES AVAILABLE UNDER THE ORDINANCE, HE ADDED.
"THUS,
THE OFFICERS OF A CORPORATION ARE REQUIRED CONDUCT WHICH MAY IN THE EVENT BE EXCUSED, HE SAID.
**
TO PREVENT
MR MACLEOD SAID THE GOVERNMENT CONSIDERED IT MOST UNLIKELY THAT AN OFFICER IN TECHNICAL BREACH OF HIS DUTY WOULD EVER HAVE AN ORDER MADE AGAINST HIM,
/THE GOVERNMENT