FRIDAY, JULY 18, 1980
THE SPOKESMAN SAID THAT THE BILL EMPOWERS THE FINANCIAL SECRETARY TO APPOINT A DAY, FROM WHICH THE EXCHANGE COMPANY WILL HAVE THE EXCLUSIVE RIGHT TO OPERATE A STOCK MARKET IN HONG KONG.
WITH EFFECT FROM THIS APPOINTED DAY, WHICH THE BILL REQUIRES SHALL NOT BE LATER THAN THREE YEARS AFTER THE COMMENCEMENT OF THE ORDINANCE, TRADING ON THE EXISTING EXCHANGES WILL CEASE.
WHEN THE UNIFIED EXCHANGE COMMENCES OPERATION, THE EXCHANGE COMPANY WILL BE REQUIRED TO CONTRIBUTE TO A NEW COMPENSATION FUND, WHICH WILL REPLACE THE EXISTING STOCK EXCHANGES COMPENSATION FUND.
THE EXCHANGE COMPANY WILL BE REQUIRED TO CONTRIBUTE $50 000 IN CASH ON BEHALF OF EACH MEMBER AND ASSOCIATE MEMBER.
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SOON AFTER THE INCEPTION OF THE UNIFIED EXCHANGE, NOTICE WILL BE PUBLISHED IN THE PRESS, SPECIFYING A DATE WHICH WILL BE AT LEAST SIX MONTHS AFTER THE DATE OF PUBLICATION OF THE NOTICE.
CLAIMS RELATING TO DEFAULTS OCCURRING BEFORE THE INCEPTION OF THE UNIFIED EXCHANGE WILL LAPSE UNLESS LODGED WITH THE EXISTING COMPENSATION FUND BY THAT DATE.
AS SOON AS THE FUND HAS DISPOSED OF ALL CLAIMS, THE REMAINING ASSETS WILL BE DISTRIBUTED AMONG THE EXISTING FOUR EXCHANGES.
THE SPOKESMAN SAID THAT WITHIN A YEAR OF THE UNIFIED EXCHANGE COMING INTO OPERATION, THE EXISTING FOUR EXCHANGE COMPANIES WILL HAVE TO COMMENCE VOLUNTARY LIQUIDATION.
HE SAID: LIQUIDATION OF THE EXISTING EXCHANGES SHOULD MINIMISE THE ROLE WHICH OLD ALLEGIANCES PLAY IN THE AFFAIRS OF THE UNIFIED EXCHANGE.+
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THE SPOKESMAN SAID THAT IF THE BILL WAS PASSED BY THE LEGISLATIVE COUNCIL HOPEFULLY BY THE END OF THE CURRENT SESSION - THE TRANSITIONAL COMMITTEE, AND SUBSEQUENTLY THE COMMITTEE OF THE EXCHANGE COMPANY WOULD ENTER INTO NEGOTIATIONS TO FIND A SINGLE TRADING FLOOR ON WHICH THE UNIFIED EXCHANGE COULD START BUSINESS,
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