XN000022-1987-06-26 — Page 5

FRIDAY, JUNE 26, 1987

NEED

REQUIRE ΤΟ BE

PRIOR

"THIRD, ONLY CAPITAL REDUCTION WILL OTHER CAPITAL RECONSTRUCTION WILL ONLY

COMMISSIONER.

"THESE AMENDMENTS AIM TO REDUCE UNNECESSARY

SPOKESMAN SAID.

APPROVAL: ADVISED то THE

PROCEDURES, THE

"I

SECTION 83 AND 84 AT PRESENT RESTRICT, AMONG OTHER THINGS, THE GRANTING OF UNSECURED ADVANCES OR OTHER FACILITIES BY AN AUTHORISED INSTITUTION TO ANY NON-LISTED COMPANY WITH COMMON DIRECTORS WITH THE INSTITUTION.

THE SPOKESMAN SAID THAT IN CERTAIN CASES THIS PROVISION BEEN FOUND TO BE UNDULY RESTRICTIVE AND COULD WORK AGAINST SUPERVISION OF AN INSTITUTION BY ITS OWN BOARD BY DEPRIVING IT OF SERVICE OF EXPERIENCED AND ABLE DIRECTORS.

HAS

THE

THE

CLAUSES 21 AND 22 WILL GIVE DISCRETIONARY POWERS ΤΟ THE COMMISSIONER TO EXEMPT FACILITIES BY SPECIFIC AUTHORISED INSTITUTIONS TO SPECIFIC CONNECTED COMPANIES FROM THE LIMITS UNDER THESE SECTIONS; THE COMMISSIONER MAY ATTACH CONDITIONS TO THE EXEMPTION.

OTHER AMENDMENTS IN THE BILL WILL REQUIRE CHIEF EXECUTIVES OF LOCALLY INCORPORATED INSTITUTIONS (IN ADDITION TO DIRECTORS AS AT PRESENT) TO BE APPROVED BY THE COMMISSIONER BEFORE THEY ARE APPOINTED; REMOVE DOUBTS THAT NORMAL FINANCIAL SERVICES OFFERED BY AUTHORISED INSTITUTIONS MIGHT TECHNICALLY CONTRAVENE THE GAMBLING ORDINANCE; CLARIFY THE DRAFTING IN A NUMBER OF SECTIONS.

THE BILL IS EXPECTED TO BF INTRODUCED

AND

INTO THE LEGISLATIVE COUNCIL ON JULY 1. COMMENTS ON THE PROVISIONS CAN BE SENT TO THE SECRETARY FOR MONETARY AFFAIRS AT ADMIRALTY CENTRE, TOWER II. 24/F, HARCOURT ROAD OR TO OMELCO AT 8 JACKSON ROAD, CENTRAL.

HK-NETHERLANDS AIR PACT IN FORCE

A HONG KONG/NETHERLANDS AIR SERVICES INTO FORCE TODAY (FRIDAY),

AGREEMENT (ASA) ENTERS

THE ASA, WHICH WAS SIGNED IN THE HAGUE ON SEPTEMBER 17, 1986, IS THE FIRST SEPARATE AGREEMENT THAT HONG KONG HAS CONCLUDED IN ACCORDANCE WITH ARRANGEMENTS WHICH TAKE INTO ACCOUNT THE PROVISIONS OF THE SINO-BRITISH JOINT DECLARATION, AND WITH THE AUTHORISATION OF THE BRITISH GOVERNMENT.

SPECIFIC

DESIGNATED KONG AND

BEEN

OPERATED

THE ASA PROVIDES FOR SCHEDULED SERVICES BY THE AIRLINES OF THE TWO SIDES. UP TO NOW, SERVICES BETWEEN HONG THE NETHERLANDS BY THE AIRLINES OF EITHER SIDE HAVE UNDER TEMPORARY INFORMAL ARRANGEMENTS.

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