XN000022-1973-06-06 — Page 27

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Wednesday, June 6, 1973

SECURITIES COUNCIL CONSIDERS DELAYS IN SHARE TRANSFERS

The Acting Financial Secretary, Mr. D.J.C. Jones, assured Legislative Councillors today that the problem of delays in the transfer of shares

has been under active consideration by the Securities Advisory Council

since it was first set up in January this year.

He pointed out, however, that it would be difficult to deal with

this matter separately from other related aspects of the Second Report of

the Companies Law Revision Committee, which will be laid before the council

later this year.

The plea to amend section 70 of the ordinance, which deals with

the length of time allowed for the transfer of shares, will be "fully borne in mind" in considering any future legislation arising from the recommendations

of the Committee, he said.

Mr. Jones explained that the delay now being experienced in the issue of share certificates was the result of a spate of bonus issues and the

concentration of dividend payments within the last few months.

Company registrars were sometimes required to issue new certificates

within 10 days, he added.

"With the dividend season coming to an end and given the recent reduced level of activity in the stock market, it is hoped that the situation will improve and that the transfer of shares will be registered more quickly,

Mr. Jones said.

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