WEDNESDAY, NOVEMBER 18, 1992
28
SECTION 95 CURRENTLY
THINGS, THAT PROVIDES AMONG OTHER
INSPECTOR TO INVESTIGATE GOVERNOR IN
MAY APPOINT AN COUNCIL AFFAIRS
THE INSPECTOR'S REPORT IS MADE OF A TRUST COMPANY. CHIEF SECRETARY,
THE
THE
ΤΟ
THE
"AS THESE ARE USUALLY FINANCIAL MATTERS OF A TECHNICAL WE PROPOSE THAT THESE POWERS SHOULD BE TRANSFERRED FROM THE IN COUNCIL AND THE CHIEF SECRETARY TO THE FINANCIAL SECRETARY.
NATURE,
GOVERNOR
WITH SIMILAR LINE
ON CONFERRED COMPANY
THE
OF 142 AND 143
THE COMPANIES
"THIS WILL ALSO BRING THE PROVISIONS INTO
то POWERS
INVESTIGATE THE AFFAIRS OF A FINANCIAL SECRETARY ORDINANCE," THE SPOKESMAN SAID.
UNDER SECTION
THE GROUNDS ON
OF A THAT A TRUST BREACH
AT THE SAME TIME THE BILL SPECIFIES CLEARLY WHICH AN INSPECTOR MAY BE APPOINTED TO INVESTIGATE THE AFFAIRS TRUST COMPANY, SUCH AS IF THERE IS REASON TO BELIEVE COMPANY HAS COMMITTED A BREACH OF TRUST, IS INSOLVENT OR IS IN OF ANY OF THE REQUIREMENTS IMPOSED BY PART VIII OF THE ORDINANCE.
"IN
ΤΟ THOSE ORDINANCE, FOR
ADDITION, WE PROPOSE TO INCLUDE GROUNDS SIMILAR SPECIFIED UNDER SECTION 143 (1) (C) OF THE COMPANIES EXAMPLE, SUSPECTED FRAUD, OR FAILURE TO PROVIDE SUFFICIENT INFORMATION
11 HE ADDED. ABOUT THE AFFAIRS OF THE COMPANY TO ITS MEMBERS,
THE PROPOSED AMENDMENTS ALSO ADDRESS THE PROBLEM OF THE LACK OF PART IN EFFECTIVE SANCTIONS AGAINST BREACHES OF CERTAIN PROVISIONS VIII OF THE ORDINANCE.
THESE PROVISIONS INCLUDE SECTION 81 WHICH RESTRICTS THE OBJECTS OR OF A TRUST COMPANY, SECTION 92 WHICH PROHIBITS LOANS TO A DIRECTOR
93 WHICH RESTRICTS THE TRUST COMPANY, AND SECTION OFFICERS OF A BORROWING OF MONEY BY A TRUST COMPANY.
"THE ONLY SANCTIONS CURRENTLY AVAILABLE ARE INVESTIGATION UNDER
ARE OFTEN WHICH
TOO 95 AND WINDING-UP UNDER SECTION 96,
SECTION DRACONIAN.
*WE PROPOSE TO PROVIDE FOR DEFAULT FINES COMPARABLE TO THOSE IN THE COMPANIES ORDINANCE, THE SPOKESMAN SAID.
THE TRUSTEE (AMENDMENT) BILL 1992 IS SCHEDULED TO BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON DECEMBER 2.
0
BILL TO REMOVE ANOMALY IN APPEAL PROCEDURE
* * * * *
APPEAL FROM REMOVED BY THE
AN ANOMALY IN THE RIGHT TO APPEAL TO THE COURT OF A LOWER COURT'S DECISION ON JUDICIAL REVIEWS WILL BE PROPOSED SUPREME COURT (AMENDMENT) BILL 1992.
UNDER THE LAW,
ΤΟ THE HIGH COURT FOR CIVIL OR CRIMINAL
A PARTY MAY APPLY JUDICIAL REVIEW OF A LOWER COURT'S DECISION IN CAUSE OR MATTER.
/IN CIVIL
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