XN000022-1985-03-22 — Page 6

FRIDAY, MARCH 22, 1985

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MONEY CHANGERS ORDINANCE TAKES EFFECT ON APRIL 1

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THE MONEY CHANGERS (DISCLOSURE OF RATES, CHARGES AND COMMISSIONS) ORDINANCE 1985 WHICH AIMS TO PROVIDE CONSUMER PROTECTION IN CURRENCY EXCHANGE TRANSACTIONS WILL COME INTO FORCE ON APRIL 1, 1985.

UNDER THE ORDINANCE, ALL MONEY CHANGERS IN HONG KONG WILL BE REQUIRED TO GIVE THEIR CUSTOMERS A NOTE WHICH SETS OUT CLEARLY THE DETAILS OF THE TRANSACTION INCLUDING THAT OF ANY CHARGE OR COMMISSION, AND OBTAIN THEIR WRITTEN CONSENT OF THE TERMS BEFORE ENTERING INTO THE EXCHANGE TRANSACTION. IF A MONEY CHANGER FAILS TO DO SO, THE CUSTOMER MAY RESCIND THE TRANSACTION WITHIN THREE DAYS.

SUCH A FAILURE WILL ALSO BE AN OFFENCE WHICH IS PUNISHABLE BY A FINE OF $2 000 FOR A FIRST OFFENCE AND A FINE OF $5 000 AND IMPRISONMENT FOR SIX MONTHS FOR A SUBSEQUENT OFFENCE.

THE NOTE TO BE SIGNED BY THE CUSTOMER SHOULD CONTAIN A PROMINENT STATEMENT IN BOTH ENGLISH AND CHINESE, EXPLAINING THAT THE CUSTOMER HAS READ AND UNDERSTOOD THE DETAILS OF THE TRANSACTION SET OUT IN IT.

IF A MONEY CHANGER MAINTAINS A BOARD OR SCREEN TO DISPLAY THE CURRENT RATES OF EXCHANGE, HE IS ALSO REQUIRED TO DISPLAY CLEARLY THE NATURE AND AMOUNT OR THE METHOD OF CALCULATION OF THE CHARGE OR COMMISSION.

THE ORDINANCE DOES NOT APPLY TO A HOTEL IF ONLY A LIMITED SERVICE IS PROVIDED BY THE MANAGEMENT PRIMARILY FOR THE CONVENIENCE OF ITS GUESTS. FURTHERMORE, THE ORDINANCE DOES NOT APPLY TO A LICENCED BANK, A REGISTERED OR LICENCED DEPOSIT-TAK ING COMPANY, OR TO AN EXCHANGE TRANSACTION WHERE THE AMOUNT OF THE CURRENCY TENDERED FOR EXCHANGE EXCEEDS HK$100 000 OR ITS EQUIVALENT.

LADY YOUDE OPENS VISITOR CENTRE

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THE SAI KUNG COUNTRY PARK VISITOR CENTRE, THE FIRST PURPOSE- BUILT VISITOR CENTRE OF ITS KIND IN HONG KONG, WAS OFFICIALLY OPENED TODAY (FRIDAY) BY LADY YOUDE.

THE 400 SQUARE METRE CENTRE CONSISTS OF A RECEPTION HALL, AN EXHIBITION AREA AND AN AUDIO-VISUAL ROOM.

/THE DISPLAY