XN000022-1987-03-26 — Page 4

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THURSDAY, MARCH 26, 1987

THE COMMITTEE HAD MADE DETAILED RECOMMENDATIONS ON A NUMBER OF VERY TECHNICAL MATTERS, INCLUDING RECOMMENDATIONS FOR AMENDMENTS TO SECTION 80(2)(C) AND (E) OF THE COMPANIES ORDINANCE (REGISTRATION OF CHARGES CREATED BY COMPANIES) AND SECTIONS 79 AND 265 (PAYMENT OF CERTAIN DEBTS OUT OF ASSETS SUBJECT TO A FLOATING CHARGE IN PRIORITY TO CLAIMS UNDER THE CHARGE, IN THE CASE OF BOTH RECEIVERS HIPS AND WINDING-UPS).

OTHER SUBJECTS CONSIDERED BY THE COMMITTEE INCLUDED THE MINIMUM AGE LIMIT FOR DIRECTORS AND WHETHER THERE SHOULD BE A MAXIMUM AGE LIMIT FOR DIRECTORS AND THE QUESTION OF APPOINTMENT OF PROXIES BY MEMBERS OF PRIVATE CLUBS.

THE COMMITTEE SPENT A CONSIDERABLE AMOUNT OF TIME DURING THE LATTER PART OF THE YEAR CONSIDERING THE DIFFICULT SUBJECT OF INSIDER DEALING. DISCUSSION CONTINUED INTO 1987 AND A SEPARATE REPORT SETTING OUT THE COMMITTEE'S VIEWS WAS SUBMITTED TO THE FINANCIAL SECRETARY LAST WEEK.

SUBJECTS WHICH WERE CONSIDERED DURING THE YEAR AND ON WHICH CONSIDERATION IS CONTINUING INCLUDED DIRECTORS' DUTY REGARDING INFORMATION TO SHAREHOLDERS, NON-EXECUTIVE DIRECTORS AND THE PRINCIPLE OF ULTRA VIRES.

MEMBERS OF THE PUBLIC WHO WISH TO OBTAIN A COPY OF THE COMMITTEE'S REPORT SHOULD WRITE TO THE SECRETARY TO THE STANDING COMMITTEE ON COMPANY LAW REFORM, REGISTRAR GENERAL'S DEPARTMENT,

+ COMMERCIAL DIVISION, QUEENSWAY GOVERNMENT OFFICES, 21ST FLOOR, 66, QUEENSWAY, HONG KONG.

THOSE INTERESTED IN THE SUBJECTS COVERED BY THE COMMITTEE'S REPORT ARE INVITED TO SUBMIT THEIR COMMENTS IN WRITING TO THE SECRETARY FOR MONETARY AFFAIRS, ADMIRALTY CENTRE, TOWER II, 24TH FLOOR, HONG KONG NOT LATER THAN JUNE 1.

MORE HOSPITALS TO MEET NEW TERRITORIES DEMAND

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TWO NEW HOSPITALS ARE BEING PLANNED FOR TAI PO AND NORTH DISTRICT TO MEET THE INCREASING DEMAND FOR MEDICAL SERVICES IN THE EASTERN PART OF THE NEW TERRITORIES DURING THE 1990'S.

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PLANS FOR THESE HOSPITALS THE NETHERSOLE HOSPITAL AND THE NORTH DISTRICT HOSPITAL - WERE DISCUSSED BY THE MEDICAL DEVELOPMENT ADVISORY COMMITTEE (MDAC) TODAY (THURSDAY).

MEMBERS NOTED