10
THURSDAY, JULY 18. 1991
"HOWEVER, THE PROHIBITION IS SUBJECT TO A NUMBER OF EXCEPTIONS, ESPECIALLY IN THE CASE OF UNLISTED COMPANIES,
||
HE SAID.
DISTRIBUTABLE
OF
WITH SHAR" PROFITS AND
LASTLY, THE ORDINANCE ADDRESSES THE SUBJECT OF PROFITS. WHILE THE SUBJECT IS CLOSELY CONNECTED REPURCHASES, IT IS ALSO RELEVANT TO THE DISTRIBUTION ASSETS IN GENERAL BY A COMPANY.
THE
"UNTIL NOW THERE HAS BEEN NO STATUTORY PROVISION GOVERNING DISTRIBUTION OF A COMPANY TO ITS SHAREHOLDERS ALTHOUGH THERE ARE ACCEPTED PRINCIPLES AND PRACTICES GOVERNED BY COMMON LAW.
THE ORDINANCE INTRODUCES PROVISIONS WHICH SERVE TO CODIFY EXISTING GOOD ACCOUNTING PRACTICE,' HE ADDED.
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THE SPOKESMAN SAID A STATUTORY
DEFINITION OF DISTRIBUTABLE PROFITS IS DESIRABLE IN ITSELF AND WILL STRENGTHEN THE POSITION OI CREDITORS IN THE CONTEXT OF REPURCHASES SINCE AS AN ESSENTIAL SAFEGUARD, THE ORDINANCE PROVIDES THAT REPURCHASES CAN ONLY BE MADH OUT OF DISTRIBUTABLE PROFITS.
THE GOVERNOR HAS NOW APPOINTED SEPTEMBER 1, 1991 ON WHICH THE ORDINANCE COMES INTO OPERATION.
TO BE THE DA
THE RELEVANT LEGAL NOTICE WILL BE
PUBLISHED IN THE GAZETTE
TOMORROW (FRIDAY).
PREPARATIONS TO
"LOCAL COMPANIES SHOULD NOW MAKE NECESSARY MEET THE REQUIREMENTS OF THE ORDINANCE WHEN IT COMES INTO OPERATION ON SEPTEMBER 1," HE SAID.
MAY ORDERS-ON-HAND,
EMPLOYMENT AND PER CAPITA EARNINGS FIGURES RELEASED
IN
200
THE COMPARED 1990,
MAY 1991, THE AVERAGE VOLUME OF ORDERS-ON-HAND REPORTED LARGEST MANUFACTURING COMPANIES. SHOWED LITTLE CHANGE WHEL WITH APRIL 1991, BUT INCREASED BY 2% WHEN COMPARED WITH MAY ACCORDING TO THE RESULTS OF A SURVEY RELEASED TODAY (THURSDAY) BY THE CENSUS AND STATISTICS DEPARTMENT.
B:
COMPARED WITH APRIL 1991, THE AVERAGE VOLUME OF ORDERS-ON-HAND IN MAY 1991 INCREASED SIGNIFICANTLY IN THE PLASTIC PRODUCTS INDUSTRI BUT DECREASED MODERATELY IN THE TEXTILES INDUSTRY. OVER THE SAME PERIOD, ORDERS SHOWED LITTLE CHANGE EN THE OTHER MANUFACTURING INDUSTRIES SURVEYED.
COMPARED WITH MAY 1990. THE ORDERS POSITION IN INCREASED SUBSTANTIALLY IN THE PLASTIC PRODUCTS INDUSTRY AND IN THE WEARING APPAREL INDUSTRY.
MAY 1991 SLIGHTLY
/ON THE
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