WEDNESDAY, APRIL 22, 1992
THE STANDING
'FOLLOWING A PROPOSAL BY THE REGISTRAR GENERAL, COMMITTEE RECOMMENDED THAT DORMANT COMPANIES IN HONG KONG EXEMPTED FROM CERTAIN ADMINISTRATIVE REQUIREMENTS UNDER THE ORDINANCE," THE SPOKESMAN SAID.
THESE REQUIREMENTS
INCLUDE
KEEPING
AND AUDITING
SHOULD BE COMPANIES
ACCOUNTS,
HOLDING AN ANNUAL GENERAL MEETING, FILING ANNUAL AND OTHER RETURNS.
"THESE WERE NOT CONSIDERED TO BE USEFUL REQUIREMENTS AS APPLIED TO DORMANT COMPANIES," THE SPOKESMAN SAID.
COMPLY WITH "DORMANT COMPANIES WOULD, HOWEVER, STILL NEED TO OTHER STATUTORY REQUIREMENTS THAT WERE IMPORTANT FOR THE PROTECTION OF PRE-EXISTING CREDITORS, HE SAID.
THE
||
A PROPOSAL BY THE COMMITTEE ALSO CONSIDERED STANDING
AT SECURITIES AND FUTURES COMMISSION (SFC) TO BAN THE USE OF PROXIES THE MEETINGS OF THE STOCK EXCHANGE OF HONG KONG LTD FOR THE OF COUNCIL MEMBERS.
ELECTION
"IT WAS THOUGHT THAT THE USE OF PROXIES DID NOT ENSURE THAT THE ON THE PRINCIPAL PARTICIPANTS IN THE STOCK MARKET WERE REPRESENTED
"THE SPOKESMAN SAID. COUNCIL IN A FAIR AND BALANCED MANNER,
OF PROXIES, "INSTEAD OF PROPOSING AN OUTRIGHT BAN ON THE USE
THE THE STANDING COMMITTEE RECOMMENDED THAT SECTIONS 114C AND 115 OF COMPANIES ORDINANCE SHOULD BE AMENDED.
"THE
SHOULD
ONLY
STOCK EXCHANGE AMENDMENTS PROVIDE THAT A MEMBER OF THE
BE ALLOWED
A
CERTAIN ΤΟ
PROXY UNDER APPOINT
PARTNER OR CIRCUMSTANCES, THAT THE PROXY SHOULD BE BOTH A DIRECTOR, EMPLOYEE OF THE MEMBER AND BE REGISTERED WITH THE SFC UNDER PART VI OF THE SECURITIES ORDINANCE, AND THAT NO PERSON SHOULD ACT AS PROXY MORE THAN ONE MEMBER.
"
FOR
WAS
ORDINANCE
SUBSTANTIALLY AMENDED VERSION OF THESE RECOMMENDATIONS INCORPORATED IN THE STOCK EXCHANGE UNIFICATION (AMENDMENT) 1991," HE SAID.
REGARDING THE THEIR OWN
THE STANDING COMMITTEE'S RECOMMENDATIONS ENACTMENT OF LEGISLATION TO ENABLE COMPANIES TO PURCHASE SHARES WERE EMBODIED IN THE COMPANIES (AMENDMENT) (NO. 2) BILL 1991.
"DISTRIBUTABLE ASSISTANCE BY
A
THE BILL ALSO INCLUDED PROVISIONS DEFINING PROFITS" AND PROHIBITING THE GIVING OF FINANCIAL COMPANY FOR THE PURCHASE OF ITS OWN SHARES.
THE
BILL WAS
SUBSEQUENTLY
ON REVISED,
RELATING
ΤΟ
THE
FURTHER GRANT OF
RECOMMENDATION OF THE COMMITTEE, TO GIVE A POWER TO THE SFC TO
THE PROVISIONS EXEMPTIONS
AUTHORISATION FROM REPURCHASES BY LISTED COMPANIES.
"THE
WAS LEGISLATION
ENACTED AS THE COMPANIES { AMENDMENT) ORDINANCE IN JULY 1991,
JULY 1991," THE SPOKESMAN SAID.
IN
THE SECURITIES (DISCLOSURE OF INTERESTS) ORDINANCE, ENACTED JULY 1988, APPLIED ONLY TO COMPANIES INCORPORATED IN HONG KONG.
/"IN FEBRUARY