XN000022-1986-12-12 — Page 3

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FRIDAY, DECEMBER 12, 1986

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THE INSPECTORS WILL ALSO BE EMPOWERED TO REQUIRE A DIRECTOR TO PRODUCE DOCUMENTS RELATING TO PARTICULAR AMOUNTS

DEPOSITED IN BANKS, DEPOSIT-TAKING COMPANIES AND SIMILAR FINANCIAL INSTITUTIONS IN HONG KONG AND ELSEWHERE.

DATE OF ANNUAL ACCOUNTS:

THE TIME LIMIT FOR SUBMISSION OF A COMPANY'S PROFIT AND LOSS ACCOUNTS AND BALANCE SHEET TO THE COMPANY'S ANNUAL GENERAL MEETING WILL BE REDUCED FROM NINE OR 12 MONTHS TO SIX MONTHS IN ALL CASES.

PRIORITY DEBTS:

WHERE A RECEIVER HAS BEEN APPOINTED UNDER A FLOATING CHARGE, THE PREFERRED PAYMENTS OF DEBTS IN THE WINDING UP OF A COMPANY ARE TO BE PAID IN PRIORITY TO CLAIMS UNDER THE CHARGE DESPITE THE FACT THAT THE CHARGE MAY HAVE BECOME A FIXED CHARGE PRIOR TO THE APPOINTMENT OF A RECEIVER UNDER THE CHARGE.

IF ENACTED, THIS WOULD PROTECT BOTH THE PROTECTION OF WAGES ON INSOLVENCY FUND AND GENERAL REVENUE FROM LOSSES RESULTING FROM THE LOSS IN PRIORITY.

THE BILL IS EXPECTED TO BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON JANUARY 7.

COMMENTS ON THE BILL MAY BE SENT TO THE MONETARY AFFAIRS BRANCH IN ADMIRALTY CENTRE, HARCOURT ROAD, AND TO THE OMELCO OFFICE IN JACKSON ROAD.

REFERENCE TO ASBESTOS BEING DELETED *****

ALL REFERENCE TO THE USE OF ASBESTOS OR ASBESTOS PRODUCTS WILL BE DELETED FROM THE BUILDING REGULATIONS FROM JANUARY 2.

THE DELETION WILL BE MADE UNDER THE BUILDING (CONSTRUCTION) (AMENDMENT) REGULATIONS 1986 AND THE BUILDING (STANDARDS OF SANITARY FITMENTS, PLUMBING, DRAINAGE WORKS AND LATRINES) (AMENDMENT) REGULATIONS 1986, WHICH WERE PUBLISHED IN THE GAZETTE TODAY (FRIDAY).

/LAST YEAR,