XN000022-1985-02-05 — Page 3

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TUESDAY, FEBRUARY 5, 1985

+ THE JOINT MEETING OF THE TWO COMMITTEES WILL REPORT BACK TO THE STANDING COMMITTEE, WHICH WILL THEN DECIDE ON THE NEXT STEP IN THE COUNCIL'S APPROACH TO THE GOVERNMENT.+

AT TODAY'S MEETING OF THE STANDING COMMITTEE IT WAS STRESSED THAT THE KEY TO THE COUNCIL'S NEGOTIATIONS WITH THE GOVERNMENT WAS TO SEEK AMENDMENTS TO THE 12-YEAR-OLD MEMORANDUM OF ADMINISTRATIVE ARRANGEMENTS WHERE CHANGES ARE SEEN AS NECESSARY.

COUNCILLORS NOW BELIEVED THAT THE MAA MUST BE ALTERED AND AMENDED TO KEEP IN STEP WITH THE MANY CHANGES THAT HAVE TAKEN PLACE IN HONG KONG SINCE THE MAA WENT INTO FORCE ON APRIL 1, 1973, FROM WHICH TIME THE COUNCIL WAS GIVEN FINANCIAL AUTONOMY.

THE COUNCIL'S SPOKESMAN REPEATED THE ASSURANCE GIVEN RECENTLY BY COUNCIL CHAIRMAN, MR HILTON CHEONG-LEEN, THAT THE COUNCIL WILL NOT BE ASKING FOR ANY INCREASE IN ÍTS SHARE OF THE RATE FOR THE COMING 1985/86 FINANCIAL YEAR.

SHARP RISE IN ACTIONS AGAINST COMPANIES

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THERE WAS A SHARP RISE IN THE NUMBER OF PROSECUTIONS BROUGHT BY THE REGISTRAR OF COMPANIES LAST YEAR AGAINST COMPANIES AND THEIR DIRECTORS FOR BREACHES OF THE COMPANIES ORDINANCE, MAINLY FOR FAILURE TO FILE ANNUAL RETURNS WITH ACCOUNTS.

THE REGISTRAR GENERAL, MR NOEL GLEESON, REPORTING THIS IN A GENERAL REVIEW OF THE COMPANIES REGISTRY'S WORK FOR THE YEAR, SAID TODAY THAT 441 SUMMONSES WERE ISSUED IN 1984, COMPARED WITH 17 DURING 1983.

OF THESE, 142 RESULTED IN CONVICTIONS COMPARED WITH 11 IN 1983, AND 239 REMAINED TO BE HEARD BY THE COURTS, AGAINST SIX IN 1983.

SIXTY SUMMONSES WERE WITHDRAWN,

FINES IMPOSED CAME TO $114 250, AGAINST $16 000 IN 1983.

MR GLEESON SAID THAT IN THE CASE OF PUBLIC LISTED COMPANIES, FAILURE TO FILE ANNUAL RETURNS IN THE COMPANIES REGISTRY WAS REGARDED AS BEING PARTICULARLY SERIOUS. HE EXPRESSED THE VIEW THAT SOME OF THE PENALTIES PRESCRIBED UNDER THE ORDINANCE, IN PARTICULAR UNDER SECTION 122. FOR FAILURE TO LAY THE PROFIT AND LOSS ACCOUNTS BEFORE THE COMPANY IN GENERAL MEETING, WERE TOO LOW TO SERVE AS A DETERRENT UNLESS THE MAXIMUM FINE OR A PRISON SENTENCE WAS IMPOSED. THIS WOULD BE RARE,+ HE ADDED.

/HE SAID