XN000022-1985-12-20 — Page 6

FRIDAY, DECEMBER 20, 1985

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OPERATION DATE OF UNIFIED EXCHANGE EXTENDED

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THE STOCK EXCHANGES UNIFICATION (EXTENSION OF PERIOD) ORDER 1985 WHICH EXTENDS TO JUNE 30, 1986 THE STATUTORY PERIOD SPECIFIED UNDER THE STOCK EXCHANGES UNIFICATION ORDINANCE FOR THE COMMENCEMENT OF OPERATION OF THE UNIFIED EXCHANGE WAS GAZETTED TODAY (FRIDAY).

A GOVERNMENT SPOKESMAN SAID THAT UNDER THE STOCK EXCHANGES UNIFICATION (EXTENSION OF PERIOD) ORDER 1983, THE UNIFIED EXCHANGE WAS TO COMMENCE OPERATION BY DECEMBER 31, 1985 THE LATEST.

+HOWEVER, THE UNIFIED EXCHANGE WILL NOT BE ABLE TO START OPERATION AT THE END OF THIS YEAR BECAUSE MATTERS SUCH AS FAMILIAR ISING ITS MEMBERS WITH THE USE OF THE COMPUTER SYSTEM PREPARATION OF THE RULES RELATING TO MEMBERSHIP, LISTING, TRADING, FINANCIAL REQUIREMENTS AND DISCIPLINE HAVE NOT BEEN COMPLETED,+ HE SAID.

NEVERTHELESS, THE SPOKESMAN STRESSED THAT THE GOVERNMENT, THE SECURITIES COMMISSION AND THE UNIFIED EXCHANGE WERE ALL KEEN TO SEE AN EARLY OPENING OF THE UNIFIED EXCHANGE.

+EVERY EFFORT IS BEING MADE BY ALL PARTIES CONCERNED TO ACHIEVE THIS IN GOOD TIME BEFORE JUNE 30, 1986, HE ADDED, NOTING THAT THE EXCHANGE HAD INDICATED THAT ACTION ON ALL OUTSTANDING MATTERS SHOULD BE COMPLETED OVER THE NEXT FEW MONTHS.

ALSO PUBLISHED IN THE GAZETTE TODAY WAS THE STOCK EXCHANGES UNIFICATION (AMENDMENT) ORDINANCE 1985 (COMMENCEMENT) (NO. 2) NOTICE 1985 WHICH BRINGS INTO FULL OPERATION WITH IMMEDIATE EFFECT THIS ORDINANCE, EXCEPT SECTION 9.

THE STOCK EXCHANGES UNIFICATION (AMENDMENT) ORDINANCE, PASSED BY THE LEGISLATIVE COUNCIL ON AUGUST 7, 1985 GIVES EFFECT TO CHANGES IN THE MEMBERSHIP STRUCTURE AND CRITERIA OF THE UNIFIED EXCHANGE.

SECTION 9 WHICH RENDERS VOID ANY DEED OF TRUST ARRANGEMENTS CREATING THIRD PARTY CONTROL WILL COME INTO FORCE WHEN THE UN IF IED EXCHANGE COMMENCES OPERATION.

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