XN000022-1984-10-10 — Page 17

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THNESDAY, OCTOBER 10, 1984

THE NEW NOTES WILL BE SMALLER THAN THOSE NOW IN CIRCULATION, PROVIDING A SAVING IN PAPER COSTS.

+ BECAUSE THE NOTES WILL BE PRODUCED BY THE SAME PRINTER, THEY WILL INCORPORATE FEATURES WHICH WILL BE STANDARD FOR THE

TES ISSUED BY BOTH NOTE ISSUING BANKS, HE SAID.

SOME OF THE NEW NOTES WOULD BE PROCESSED AT DE LA RUE'S NEW FACTORY IN TAI PO WHICH IS EXPECTED TO BEGIN OPERATION IN VOVEMBER.

+SCON AFTER OPENING, IT WILL BE USED TO PRODUCE ALL HONG KONG'S BANK NOTE REQUIREMENTS, SIR JOHN SAID.

DEBATE ON THE BILL WAS ADJOURNED.

0

'NO GENERAL EXPLANATION NEEDED ON COMPANIES LAWS'

*****

THE GOVERNMENT WAS NOT TAKING MEASURES TO PROVIDE ANY GENERAL EXPLANATION OF THE COMPANIES (AMENDMENT) ORDINANCE 1984, THE SECRETARY FOR ECONOMIC SERVICES, THE HON PIERS JACOBS, TOLD THE LEGISLATIVE COUNCIL TODAY.

IT WOULD ALSO BE IMPRACTICAL TO PRODUCE A COMPREHENSIVE GUIDE, MR JACOBS SAID, IN REPLY TO THE HON PETER POON WHO WANTED TO KNOW WHAT MEASURES WERE BEING TAKEN BY THE GOVERNMENT TO EXPLAIN THE COMPLEX PROVISIONS OF THE ORDINANCE TO THE PUBLIC AND PROFESSIONAL ADVISERS.

+THE REGISTRAR OF COMPANIES DOES, HOWEVER, ISSUE CIRCULARS TO PROFESSIONAL BODIES ON VARIOUS ASPECTS OF THE COMPANIES ORDINANCE, AND NOTES ON CERTAIN PROVISIONS OF THE COMPANIES ORDINANCE WITH SPECIAL REFERENCE TO DOCUMENTS WHICH HAVE TO BE FILED IN THE COMPANIES REGISTRY ARE ALSO AVAILABLE ON REQUEST,+ MR JACOBS SAID.

HE ADDED THAT THESE NOTES WERE BEING UPDATED TO TAKE INTO ACCOUNT ANY AMENDMENTS TO THE PRINCIPAL ORDINANCE.

MR JACOBS EXPLAINED THAT COMPANIES LEGISLATION WAS OF INTEREST PRIMARILY TO THE BUSINESS COMMUNITY, AND THE AMENDMENTS INTRODUCED BY THE ORDINANCE HAD BEEN THE RESULT OF MANY YEARS OF CONSULTATION WITH PROFESSIONAL BODIES AND MEMBERS OF THE BUSINESS COMMUNITY.

THE BILL HAD BEEN FIRST PUBLISHED FOR INFORMATION IN JULY 1980 AND HAD BEEN DISCUSSED AT SEMINARS ORGANISED BY VARIOUS BODIES, HE SAID.

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