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(b) The Listing Agreement between an issuer and the Stock Exchange of Hong Kong Limited setting out the continuing obligations which the issuer undertakes to comply with as a condition of listing is a legally binding contract. Section 34(1)(a) of the Stock Exchange Unification Ordinance empowers the Exchange to make rules in respect of listing requirements. However, the regulations are not subsidiary legislation of the Ordinance and there are no penalties under Ordinance for contravention of the regulations. The regulations are enforced under the Listing Agreement which is a commercial contract.
(c)
હ
Persons who do not comply with the regulations of the Stock Exchange may be sanctioned under the rules and regulations of the Exchange, However, contravention of such regulations is a civil matter and not a criminal offence.
End/Wednesday, June 14, 1995
New franchise for CMB
Following is a question by the Hon Lee Wing-tat and a reply by the Secretary for Transport, Mr Haider Barma, in the Legislative Council today (Wednesday):
Question:
It is learnt that the China Motor Bus Company Limited (CMB) has refused to negotiate with the Government its franchise and that the company has purchased expensive fuel oil from an oil company, both of which are to the detriment of the interests of passengers. In this connection, will the Government inform this Council:
of the present progress of the negotiation on the renewal of CMB's franchise?
(a)
(b)
of the criteria adopted in determining whether CMB's franchise should be renewed; and
(c)
whether the Government will consider introducing measures to make the CMB management accountable to both this Council and the public; if so, what the details are?