FRIDAY, JULY 19, 1985
A GOVERNMENT SPOKESMAN EXPLAINED THAT SIMILAR MEASURES WERE PROVIDED IN BRITAIN UNDER SUPREME COURT ACT 1981, AND THE PROPOSAL TO ADOPT THE RELEVANT PROVISION IN THE ACT WAS FIRST PUT FORWARD BY THE STANDING LIAISON COMMITTEE ON COMMERCIAL CRIME.
THE BILL ALSO EMPOWERS THE HIGH COURT TO GRANT A +MAREVA INJUNCTION+, WHICH PREVENTS THE REMOVAL OF ASSETS ABROAD BY A DEFENDANT, IRRESPECTIVE OF WHETHER HE IS DOMICILED, RESIDENT OR PRESENT IN HONG KONG.
CONSULTATIONS HAD BEEN CONDUCTED WITH THE LAW SOCIETY, THE BAR ASSOCIATION, THE LAW DEPARTMENT OF THE UNIVERSITY OF HONG KONG AND THE JUDICIARY, WHO WERE ALL IN SUPPORT OF THE MEASURES TO WIDEN THE INJUNCTION AND TO PROVIDE A STATUTORY BASIS FOR MAREVA INJUNCTIONS, HE SAID.
THE BILL WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON JULY 24. ANYONE WHO WISHES TO COMMENT ON ITS PROVISIONS MAY WRITE TO UMELCO, AT SWIRE HOUSE, 12TH FLOOR, CHATER ROAD, OR TO THE ATTORNEY GENERAL AT THE CENTRAL GOVERNMENT OFFICES, LOWER ALBERT ROAD, CENTRAL.
$100 000 MINIMUM DEPOSIT PROPOSED
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A BILL WILL SOON BE INTRODUCED INTO THE LEGISLATIVE COUNCIL INCREASING FROM $50 000 TO $100 000 THE MINIMUM AMOUNT A REGISTERED DEPOSIT-TAKING COMPANY CAN TAKE AS A DEPOSIT.
THE DEPOSIT-TAKING COMPANIES (AMENDMENT) BILL 1985 AMENDS THE DEPOSIT-TAKING COMPANIES ORDINANCE ALONG THE LINES EXPLAINED BY THE FINANCIAL SECRETARY IN THE LEGISLATIVE COUNCIL ON FEBRUARY 27 WHEN HE MOVED THE SECOND READING OF THE APPROPRIATION BILL 1985.
THE BILL, RECENTLY ENDORSED BY THE EXECUTIVE COUNCIL AND PUBLISHED IN THE GOVERNMENT GAZETTE TODAY (FRIDAY), STIPULATES THAT THE AMENDED SPECIFIED SUM WILL BECOME EFFECTIVE FROM MARCH 1 NEXT YEAR.
IT IS ALSO PROPOSED IN THE BILL THAT THE ORDINANCE BE AMENDED SO THAT DEPOSITS ALREADY IN PLACE WHEN THE NEW INCREASED SPECIFIED SUM TAKES EFFECT WOULD BE PERMITTED TO RUN TO MATURITY.
WHEN HE ADDRESSED THE LEGISLATIVE COUNCIL EARLIER THIS YEAR. THE FINANCIAL SECRETARY SAID THAT THE OBJECT IN SETTING THE MINIMUM DEPOSIT AT 350 000 IN 1976 WAS TO PROTECT THE SMALL DEPOSITOR BY +IN EFFECT, DEBARRING HIM FROM DEPOSITING WITH A DTC.+
/BUT, HE
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