XN000022-1975-06-17 — Page 3

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TUESDAY, JUNE 17, 1975

(C) IT MUST HAVE CAPITAL OF NOT LESS THAN HK$ 1 MILLION-

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(D) IT MUST HAVE HAD AN ANNUAL. TURNOVER OF BUSINESS OF NOT

LESS THAN HK$ 3 MILLION FOR THE THREE YEARS PRIOR TO APPLICATIONS=

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(E) · IT_MUST HAVE BANK CREDITS OF NOT LESS THAN HK$ 3 MILLION

FOR TRADING IN RICE-

(F) NOT LESS THAN 51 PER CENT OF THE CAPITAL OF THE FIRM

MUST BE OWNED BY PERSONS ORDINARILY RESIDENT IN HONG KONG=

(G) A MAJORITY OF PARTNERS OR DIRECTORS OF THE FIRM MUST BE

ORDINARILY RESIDENT IN HONG KONG= · AND '

(H) NONE OF THE OWNERS, PARTNERS OR DIRECTORS OF THE FIRM MAY HAVE A SIGNIFICANT FINANCIAL INTEREST OR HOLD ANY OFFICE IN A RICE IMPORTING FIRM AT PRESENT REGISTERED WITH THE COMMERCE AND INDUSTRY DEPARTMENT.

MR. MCGREGOR SAID THAT THE BASIC OBJECTIVE WAS TO EXPAND THE SCOPE FOR COMPETITION IN THE RICE TRADE AND, BY DOING SO, FURTHER PROTECT THE INTEREST OF THE HONG KONG CONSUMER. HE POINTED OUT THAT ONLY BUSINESS CONCERNS WHICH ARE LOCALLY OWNED AND WHICH HAVE SUBSTANTIAL TRADING EXPERIENCE AND FINANCIAL BACK I NG WILL BE CONSIDERED..

A BALLOT WILL BE HELD IN THE CITY HALL TO SELECT THE SUCCESSFUL APPLICANTS. THE BALLOT WILL BE CONDUCTED IN THE PRESENCE OF MEMBERS OF THE TRADE AND INDUSTRY ADVISORY BOARD IF THERE IS A LARGE NUMBER OF APPLICANTS WHO QUALIFY FOR REGISTRATION.

ENQUIRIES SHOULD BE DIRECTED TO THE FOLLOWING OFFICERS OF THE COMMERCE AND INDUSTRY DEPARTMENT: MR. H.P. LEE 5-241805, MR. S.K.S. CHAN 5-450965.

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