XN000022-1985-05-10 — Page 5

FRIDAY, MAY 10, 1985

LIMIT TO BE SET ON LEGCO ELECTION EXPENSES

****

AN AMENDMENT BILL, SEEKING TO EXTEND THE PROVISIONS OF THE CORRUPT AND ILLEGAL PRACTICES ORDINANCE TO ELECTIONS TO THE LEGISLATIVE COUNCIL, HAS BEEN GAZETTED TODAY.

THE CORRUPT AND ILLEGAL PRACTICES ORDINANCE CURRENTLY APPLIES ONLY TO ELECTIONS TO THE URBAN COUNCIL AND DISTRICT BOARDS.

IF THE BILL IS PASSED, IT IS EXPECTED THAT AN ORDER PRESCRIBING THE MAXIMUM LEVEL OF ELECTION EXPENSES WHICH MAY BE INCURRED BY CANDIDATES STANDING FOR ELECTIONS TO THE LEGISLATIVE COUNCIL WILL BE MADE.

THE CORRUPT AND ILLEGAL PRACTICES (AMENDMENT) BILL 1985 WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON WEDNESDAY (MAY 15).

PUBLIC COMMENTS ON THE BILL MAY BE SENT TO UMELCO AT SWIRE HOUSE, 12/F, CHATER ROAD, OR TO THE SECRETARY FOR ADMINISTRATIVE SERVICES AND INFORMATION, CENTRAL GOVERNMENT OFFICES, LOWER ALBERT ROAD.

CHANGES TO COMPANY, BANKRUPTCY LAW PROPOSED

****

PROVISIONS FOR A LIQUIDATOR'S AND A TRUSTEE'S FEES TO BE DECIDED EITHER BY AGREEMENT WITH THE COMMITTEE OF INSPECTION, OR BY THE COURT, ARE AMONG SEVERAL CHANGES BEING PROPOSED TO THE COMPANIES ORDINANCE AND THE BANKRUPTCY ORDINANCE.

THE PROVISIONS ARE SET OUT IN THE COMPANIES (AMENDMENT) BILL. 1985, AND THE BANKRUPTCY (AMENDMENT) BILL 1985, WHICH WERE GAZETTED TODAY.

THE COMPANIES (AMENDMENT) BILL 1985 ALSO PROVIDES THAT THE OFFICIAL RECEIVER CAN APPLY TO COURT FOR A REVIEW OF THE LIQUIDATOR'S FEES, A SPOKESMAN FOR THE REGISTRAR GENERAL'S DEPARTMENT SAID.

OTHER PROPOSALS INCREASE THE ASSET LIMIT FOR SUMMARY WINDING UP PROCEDURE UNDER SECTION 227F OF THE ORDINANCE FROM THE EXISTING $10 000 TO $200 000, AND SIMPLIFY THOSE PROCEDURES SO THAT IT IS NO LONGER NECESSARY TO HOLD THE STATUTORY FIRST MEETING OF CREDITORS AND CONTRIBUTOR IES IN SUCH CASES.

A FURTHER