29.
The cost of the 1994 pay adjustment, the inflation related adjustment to payments under the Comprehensive Social Security Assistance and Social Security Allowance schemes and the additional payments arising from the statutory inflation- linked adjustment to pensions were anticipated in the 1994-95 estimates under the "Additional Commitments" subhead. Savings were also made in other subheads through continued tight control over public expenditure. Taking these into account, total payments from the General Revenue Account is $10,158 million greater than the amount originally included in the Appropriation Ordinance. This net excess is accounted for entirely by the transfers to the Loan Fund and the Civil Service Pension Reserve Fund which I referred to earlier.
1
End/Wednesday, July 5, 1995
Companies (Amendment) (No. 2) Bill
Following is the speech by the Secretary for Financial Services, Mr Michael Cartland, in moving the second reading of the Companies (Amendment) (No. 2) Bill 1995 in the Legislative Council today (Wednesday):
Mr President,
I move the second reading of the Companies (Amendment) (No. 2) Bill 1995.
The main purpose of the Bill is to remove the prohibition on the appointment of a body corporate as an auditor of a company, under section 140 of the Companies Ordinance. The other amendments are primarily consequential, to extend the rights and obligations currently applicable to non-corporate auditors to incorporated auditing practices. The opportunity is also taken to make certain minor technical and tidying-up amendments.
Auditing practices wishing to incorporate will have to comply with a number of conditions and limitations. I will say more about this in the context of the Professional Accountants (Amendment) Bill 1995.
End/Wednesday, July 5, 1995