XN000022-1981-01-07 — Page 8

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WEDNESDAY, JANUARY 7, 1981

FAIRER DEAL FOR HK REGISTERED FOREIGN JUDGMENTS

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THE HONG KONG DOLLAR EXCHANGE RATE FOR SUMS OF MONEY PROVIDED IN A FOREIGN JUDGMENT REGISTERED IN HONG KONG WILL BE CONVERTED AS PREVAILING AT THE TIME THE FOREIGN JUDGMENT IS REGISTERED AND NOT AT THE DATE OF JUDGMENT OF THE FOREIGN COURT.

THE FOREIGN JUDGMENTS (RECIPROCAL ENFORCEMENT) (AMENDMENT) BILL 1981, WHICH PROVIDES FOR THIS CHANGE, WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL THIS AFTERNOON BY THE LAW DRAFTSMAN, THE HON GERALD NAZARETH,

+AS CURRENCY EXCHANGE RATES CAN FLUCTUATE CONSIDERABLY, A PERSON IN WHOSE FAVOUR SUCH A JUDGMENT HAS BEEN GIVEN CAN BE SEVERELY PREJUDICED, IF THE HONG KONG DOLLAR DEPRECIATES SUBSTANTIALLY AGAINST THE CURRENCY IN WHICH THE JUDGMENT WAS EXPRESSED, + MR NAZARETH EXPLAINED.

HE ADDED THAT THE JUDICIARY, THE BAR ASSOCIATION AND THE LAW SOCIETY HAD ALL BEEN CONSULTED ON THE BILL, DEBATE ON WHICH WAS ADJOURNED.

CIVIL SERVANTS' HOME BUYING SCHEME READY FOR EXCO

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THE COMPLEX AND FAR-REACHING HOME PURCHASE SCHEME FOR CIVIL SERVANTS HAS BEEN FINALISED AND WILL BE PUT TO THE EXECUTIVE COUNCIL NEXT MONTH.

THIS WAS DISCLOSED BY THE SECRETARY FOR THE CIVIL SERVICE, THE HON MARTIN ROWLANDS, IN HIS REPLY TO A QUESTION BY THE HON ANDREW SO IN THE LEGISLATIVE COUNCIL TODAY.

MR ROWLANDS SAID IT HAD TAKEN RATHER LONGER THEN HE HAD EARLIER EXPECTED TO FINALISE THE SCHEME BUT ADDED THAT FIRM PROPOSALS WERE NOW READY.

HE TOLD THE COUNCIL THAT THE SCHEME HAD GENERAL SUPPORT FROM STAFF AND THE SUGGESTIONS MADE BY THE STAFF ASSOCIATIONS HAD BEEN TAKEN INTO CONSIDERATION IN INCORPORATING THE PROPOSALS.

HOWEVER, HE SAID, THE PROPOSALS DRAWN UP ARE CAPABLE OF MODIFICATION TO MEET CHANGING CIRCUMSTANCES.

MR ROWLANDS NOTED THAT FUTURE TRENDS IN PROPERTY PRICES AND INTEREST RATES WERE MATTERS FOR CONJECTURE, AND THEY DID NOT SEEM TO HIM LIKELY TO BE SUCH AS TO UNDERMINE THE VIABILITY OF THE PROPOSED SCHEME.

PROPERTY PRICES AND INTEREST RATES ARE ONLY TWO OF THE FACTORS WHICH WILL AFFECT ITS VIABILITY, HE SAID.

/OTHER NO