XN000022-1985-06-13 — Page 4

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THURSDAY, JUNE 13, 1985

THE SHENZHEN AUTHORITIES DESIGNED AND BUILT THE COMMON PIER FOR THE BRIDGE WHILE HONG KONG SUPPLIED ALL INTERNAL AND EXTERNAL FINISHING MATERIALS. EACH AUTHORITY SUPPLIED MATERIAL FOR AND BUILT ITS OWN SECTIONS.

THE NEW BORDER CROSSING IS 8.2 METRES WIDE AND HAS TWO PASSENGER WALKWAYS AND A BAGGAGE ROUTE. WORK STARTED ON THE HONG KONG SECTION IN MAY LAST YEAR AND WAS COMPLETED IN APRIL.

AT THE MOMENT THE BRIDGE IS JOINED BY A TEMPORARY WALKWAY TO THE LO WU ADMINISTRATION BUILDING BECAUSE OF CONSTRUCTION IN CONNECTION WITH THE $300 MILLION STATION REDEVELOPMENT SCHEME. THIS, WHEN COMPLETED IN 1987 WILL PROVIDE IMPROVED FACILITIES FOR CUSTOMS AND IMMIGRATION CLEARANCE OF CROSS-BORDER PASSENGERS.

COMPANY LAW REFORM REPORT SENT TO EXCO

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THE FIRST REPORT OF THE STANDING COMMITTEE ON COMPANY LAW PEFORM HAS BEEN COMPLETED AND SUBMITTED TO THE EXECUTIVE COUNCIL FOR CONSIDERATION.

THE REPORT SUMMARISES THE RECOMMENDATIONS OF THE COMMITTEE ON SUBJECTS CONSIDERED AT THEIR MONTHLY MEETINGS BETWEEN MAY AND DECEMBER 1984.

THE CHAIRMAN OF THE STANDING COMMITTEE, THE HON MR JUSTICE CONS, EXPLAINED TODAY THAT THE MATTERS COVERED WERE PRINCIPALLY TECHNICAL, RELATING TO THE REGISTRATION OF MORTGAGES AND OTHER CHARGES GRANTED BY COMPANIES.

BUT THEY ALSO INCLUDED A NUMBER OF ITEMS OF MORE GENERAL INTEREST, PARTICULARLY THOSE RELATING TO THE TIME LIMITS WITHIN WHICH COMPANIES MUST SUBMIT THEIR ACCOUNTS TO THEIR SHAREHOLDERS, AND THE POSSIBILITY OF A COURT ORDER BEING OBTAINED AGAINST ANYONE NAMED AS A CULPABLE INSIDER DEALER BY AN INSIDER DEALING TRIBUNAL, PROHIBITING HIM FROM BEING A DIRECTOR, OR TAKING PART IN THE MANAGEMENT, OF ANY COMPANY,

WITH REGARD TO COMPANY ACCOUNTS, SAID MR JUSTICE CONS, THE PRESENT PROVISIONS IN THE COMPANIES ORDINANCE ARE TO THE EFFECT THAT THE DIRECTORS OF A COMPANY MUST AT LEAST ONCE IN EVERY CALENDAR YEAR LAY THE COMPANY'S ACCOUNTS BEFORE A GENERAL MEETING AND THESE ACCOUNTS MUST BE MADE UP TO A DATE NOT MORE THAN NINE MONTHS BEFORE THE DATE OF THE GENERAL MEETING.

IN THE