13
THURSDAY, JUNE 3, 1993
"THE COMMITTEE FELT THAT TECHNICAL DETAILS SHOULD THE ADMINISTRATION TO WORK OUT, HE ADDED.
"
BE LEFT TO
DURING THE YEAR, THE STANDING COMMITTEE ALSO CONTINUED ITS STUDY ON THE NEED FOR NEW LEGISLATION ON ULTRA VIRES IN HONG KONG AFTER NEW PROVISIONS ON THE SUBJECT WERE INTRODUCED IN THE UK COMPANIES ACT 1989.
"THE TWO MAIN APPROACHES TO DEFINING THE POWERS OF A LIMITED COMPANY ARE EITHER TO INVEST A COMPANY WITH THE CAPACITY AND POWERS OF A NATURAL PERSON, WHICH IS THE APPROACH ADOPTED IN CANADA AND AUSTRALIA, OR TO LIMIT A COMPANY TO PURSUING ONLY THOSE OBJECTS WHICH IT IS EXPRESSLY AUTHORISED TO PURSUE, WHICH IS THE APPROACH FOLLOWED IN THE UK.
I
THE STANDING COMMITTEE HAS NOW RECOMMENDED IN PRINCIPLE THAT THE 'POWER OF A NATURAL PERSON' APPROACH, BASED ON THE CANADIAN MODEL, SHOULD BE ADOPTED IN HONG KONG AND THAT THE COMPANIES ORDINANCE SHOULD BE AMENDED ACCORDINGLY, THE SPOKESMAN SAID.
中
SPECIFIC PROPOSALS FOR AMENDMENTS WILL BE FURTHER
BY THE COMMITTEE.
CONSIDERED
OTHER MATTERS DISCUSSED BY THE COMMITTEE DURING 1992 INCLUDED THE UK CADBURY REPORT, PROPOSALS TO IMPROVE THE STANDARD OF FINANCIAL INFORMATION IN COMPANY ACCOUNTS, TO ALLOW AUDITORS то INCORPORATE, AND TO AMEND SECTION 165 OF THE ORDINANCE TO ALLOW A COMPANY ΤΟ PURCHASE NEGLIGENCE INSURANCE FOR ITS DIRECTORS AND OFFICERS.
"THESE ISSUES ARE STILL BEING EXAMINED BY THE SPOKESMAN ADDED.
H
COMMITTEE, THE
HE ADVISED MEMBERS OF THE PUBLIC WHO WISHED TO OBTAIN A COPY OF THE STANDING COMMITTER'S REPORT TO WRITE TO THE SECRETARY OF THE STANDING COMMITTEE ON COMPANY LAW REFORM, COMPANIES REGISTRY, COMMERCIAL DIVISION, 12TH FLOOR, QUEENSWAY GOVERNMENT OFFICES, QUEENSWAY, HONG KONG.
66,
MEMBERS OF THE PUBLIC WHO WISH TO COMMENT ON ANY ISSUES COVERED BY THE STANDING COMMITTEE'S REPORT ARE INVITED то SUBMIT THEIR VIEWS IN WRITING TO THE SECRETARY FOR FINANCIAL SERVICES, ROOM 1802, ADMIRALTY CENTRE, TOWER I, 18 HARCOURT ROAD. HONG KONG NOT LATER THAN AUGUST 2, 1993.
PROVISIONAL RETAIL SALES FIGURES FOR MARCH
*
THE VALUE OF TOTAL RETAIL SALES IN MARCH, ESTIMATED AT $13.6 BILLION, INCREASED BY 13% WHEN COMPARED WITH THE SAME MONTH LAST YEAR, ACCORDING TO THE STATISTICS RELEASED TODAY (THURSDAY) BY THE CENSUS AND STATISTICS DEPARTMENT.
AFTER DISCOUNTING THE EFFECT OF PRICE CHANGES OVER THE TOTAL RETAIL SALES ROSE BY 10% IN VOLUME TERMS.
PERIOD,
/THE INCREASE