17.
As regards the second point which relates to the Maximum Scale of Election Expenses (Rural Committees) Order 1994, we have no objection to Honourable Members' views that the ceiling should be raised to $30,000. The Heung Yee Kuk has been consulted on the revised ceiling and has given its support. Therefore, the revised ceiling of $30,000 will be proposed when the Election Expenses Order is referred back to the Executive Council.
Mr President, 25 Rural Committees will be conducting their elections early next year. With the passage of the Bill today, I am pleased to say that all these elections, the first of which will be held in early January 1995, will be covered by the Corrupt and Illegal Practices Ordinance. This is a move welcomed by both the rural sector and the community at large.
With these remarks, Mr President, I recommend the Bill to Members.
End/Wednesday, December 14, 1994
SFS on Commodities Trading Ordinance
Following is the speech by the Acting Secretary for Financial Services, Mrs Lessie Wei, in the Legislative Council motion debate on Commodities Trading Ordinance (Amendment of Schedule 1) Order 1994 today (Wednesday):
Mr President,
I am grateful to members of the Sub-Committee under the chairmanship of the Honourable Steven Poon for their efforts in examining the Commodities Trading Ordinance (Amendment of Schedule 1) Order 1994. Since the committee was set up in late November, it has met three times within a short span of time. The Administration, together with the Securities and Futures Commission, have tried to address members' concern about the plan of the Hong Kong Futures Exchange to introduce the trading of stock futures contracts. I regret that we have not been able to persuade all honourable members to accept our arguments.