27
WEDNESDAY, NOVEMBER 18, 1992
PROPOSED IMPROVEMENTS TO REGULATION OF TRUST COMPANIES
AND
AMENDMENTS, THE SPOKESMAN SAID: PART VIII OF THE ORDINANCE, WE HAVE COMB
THE THAT SOME PROVISIONS HAVE BECOME OUTDATED OVER
ARE AMENDMENTS
ALSO REQUIRED TO CERTAIN OTHER PROVISIONS ENHANCE THEIR EFFECTIVENESS.
TRUSTEE
THE GOVERNMENT IS PROPOSING TO MAKE PROVISIONS IN THE ORDINANCE ON THE REGISTRATION AND REGULATION OF TRUST COMPANIES UP-TO-DATE AND EFFECTIVE, A GOVERNMENT SPOKESMAN (WEDNESDAY).
SAID
MORE
TODAY
THE TRUSTEE (AMENDMENT) BILL 1992 WILL BE PUBLISHED IN THE GAZETTE ON FRIDAY (NOVEMBER 20).
THE EXPLAINING RECENTLY REVIEWED CONCLUSION
"HAVING
TO
THE
YEARS
ΤΟ
"A
IT
MEETS ORDINANCE.
COMPANY IS ELIGIBLE TO BE REGISTERED AS A TRUST COMPANY THE STATUTORY REQUIREMENTS UNDER SECTION 77(2) OF
IF
THE
THE REGISTRAR
OF
IS
"AT PRESENT, HOWEVER, IT IS NOT CLEAR IF COMPANIES HAS THE AUTHORITY TO TAKE EFFECTIVE ACTION IF, ONCE IT
A TRUST REGISTERED,
COMPANY CEASES TO COMPLY WITH THE STATUTORY REQUIREMENTS. THIS IS UNDESIRABLE.
"WE PROPOSE TO AMEND SECTION 77 TO MAKE IT CLEAR THAT THEY CONTINUING REQUIREMENTS AND PROVIDE FOR DEFAULT FINES," HE SAID.
AT
ARE
HAVE A AND
MILLION
A REGISTERED TRUST COMPANY IS REQUIRED TO PRESENT MINIMUM
AND ISSUED
FULLY PAID-UP SHARE CAPITAL OF $1 ADDITIONALLY, TO MAKE CERTAIN DEPOSITS WITH THE DIRECTOR OF ACCOUNTING SERVICES UP TO $500,000.
THESE FIGURES HAVE NOT BEEN REVISED SINCE 1975.
"WE PROPOSE TO ADJUST THE FIGURES TO MILLION RESPECTIVELY.
$3
MILLION
AND
$1.5
14
IN
SHOULD
ALSO
WITH SOUND COMMERCIAL PRACTICE, A KEEPING
BE ALLOWED TO PROVIDE THE DEPOSIT BY GUARANTEE, THE SPOKESMAN SAID.
||
THE BILL ALSO TRANSFERS TO THE FINANCIAL SECRETARY GOVERNOR IN COUNCIL CERTAIN POWERS RELATING TO INVESTMENTS COMPANIES.
WAY
TRUST COMPANY
OF
A
BANK
FROM THE BY TRUST
"IN
91(1)(B)
THESE EXERCISING
91(3) AND
POWERS,
OF THE
ΤΟ RELATING ORDINANCE, TECHNICAL
SECTIONS
AND
4(3), FINANCIAL
CONSIDERATIONS ARE PARAMOUNT.
"IT IS THEREFORE APPROPRIATE FOR THE FINANCIAL SECRETARY TO THE DECISION-MAKING AUTHORITY," THE SPOKESMAN SAID.
/SECTION 95
BE