14
WEDNESDAY, MAY 1, 1991
HE SAID THE GOVERNMENT HAD DISCUSSED THE SITUATION WITH REPRESENTATIVES OF THE MAJOR KNITWEAR ASSOCIATIONS AND THEY HAD GIVEN THEIR ASSURANCE THAT THEY WOULD DO WHAT THEY COULD TO IMPRESS UPON THEIR MEMBERS THE NEED TO TREAT FAIRLY ANY WORKERS WHO MIGHT BE AFFECTED AS A RESULT.
ALSO, THE ASSOCIATIONS HAD ALSO UNDERTAKEN TO MEDIATE IN ANY CASES OF ALLEGED UNFAIR TREATMENT AND TO HELP WITH HARDSHIP CASES, AND THEY WOULD SET UP A SERVICE CENTRE TO HELP INDIVIDUALS FIND NEW
JOBS, MR MACLEOD ADDED.
HE NOTED THAT GIVEN THE SHORTAGE OF EXPERIENCED WORKERS IN HONG KONG IN GENERAL, AND IN THE GARMENT INDUSTRY IN PARTICULAR, ANY WORKER WHO MIGHT BE DISPLACED SHOULD BE ABLE TO FIND ALTERNATIVE EMPLOYMENT WITHOUT A GREAT DEAL OF DIFFICULTY.
INTEREST THAT THE STATUTORY
"THE GOVERNMENT WILL DO ALL IT CAN TO ENSURE THAT THE OF THE WORKFORCE IS PROTECTED, THE SECRETARY SAID, ADDING LABOUR DEPARTMENT STOOD READY то CLARIFY WORKERS' ENTITLEMENTS UNDER THE EMPLOYMENT ORDINANCE AND то ADVISE ON ALTERNATIVE EMPLOYMENT.
"IF THERE IS A NEED FOR RE-TRAINING, THE DEPARTMENT WILL HELP PUT THOSE AFFECTED IN TOUCH WITH THE CLOTHING INDUSTRY TRAINING AUTHORITY OR THE VOCATIONAL TRAINING COUNCIL, HE ADDED.
ΤΟ
DEBATE ON THE BILL WAS ADJOURNED.
BILL TO LIFT PROHIBITION ON SHARE REPURCHASES INTRODUCED
**
THE COMPANIES (AMENDMENT) (NO. 2) BILL 1991, WHICH SEEKS TO LIFT THE PRESENT PROHIBITION ON SHARE REPURCHASES BY LOCAL COMPANIES, SUBJECT ΤΟ A NUMBER OF SAFEGUARDS TO PROTECT THE INTERESTS OF SHAREHOLDERS AND CREDITORS, WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
THE BILL ALSO SEEKS TO UPDATE THE PROVISION ON THE GIVING OF FINANCIAL ASSISTANCE AND TO INTRODUCE A DEFINITION OF DISTRIBUTABLE PROFITS.
MOVING THE SECOND READING OF THE BILL, THE ACTING FINANCIAL SECRETARY, THE HON HAMISH MACLEOD, SAID COMPANY SHARE REPURCHASES WERE PERMITTED IN MANY PLACES, INCLUDING THE UK, CANADA, THE UNITED STATES AND AUSTRALIA; AND IN CONSIDERING THE DEVELOPMENT OF THE SECURITIES MARKET IN HONG KONG, THE SECURITIES REVIEW COMMITTEE REPORT RECOMMENDED THAT ALLOWING COMPANIES IN HONG KONG TO PURCHASE THEIR OWN SHARES SHOULD BE FAVOURABLY CONSIDERED.
/HE POINTED