XN000022-1987-07-01 — Page 27

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WEDNESDAY, JULY 1, 1987

HE ALSO FULLY SUPPORTED THE RECOMMENDATION TO REINFORCE SOCIAL WELFARE DEPARTMENT'S OUTREACHING SERVICE TEAM IN ORDER TO PROVIDE CONCRETE ASSISTANCE TO STREET SLEEPERS. THE SCOPE OF WORK OF THE OUTREACHING TEAM SHOULD EXPAND FROM PROVIDING BASIC COUNSELLING REFERRAL SERVICES, TO INTENSIVE CARE PROVIDED THROUGH EXISTING NEW CHANNELS ACCEPTABLE TO STREET SLEEPERS.

AND AND

HE ADDED THAT EFFORTS MADE BY DISTRICT BOARDS IN DISTRICT9 OF HIGH INCIDENCE OF STREET SLEEPERS, BY THE POLICE IN IDENTIFYING STREET SLEEPERS DURING THEIR NORMAL PATROLS, AND BY THE MASS MEDIA IN INCREASING PUBLIC AWARENESS OF ISSUES SURROUNDING STREET SLEEPERS TOGETHER CONSTITUTE A POSITIVE APPROACH TOWARDS SOLVING THE STREET SLEEPER PROBLEM.

BANKING LAW IMPROVEMENTS SOUGHT * * * * *

INTO OPERATION THE HON DAVID

THE BANKING (AMENDMENT) BILL 1987 SEEKS TO IMPROVE THE WORKING OF THE BANKING ORDINANCE WHICH CAME

LAST SEPTEMBER, THE ACTING FINANCIAL

TOLD NENDICK, LEGISLATIVE COUNCIL THIS (WEDNESDAY) AFTERNOON.

SECRETARY,

"BUT YEAR.

THE

MOVING THE SECOND READING OF THE BILL, MR NENDICK NOTED THAT CAME INTO THE BANKING ORDINANCE HAD BEEN OPERATING SMOOTHLY SINCE IT

EXPERIENCE HAS OPERATION IN SEPTEMBER LAST

SHOWN THAT

AMENDMENTS

TO ARE REQUIRED

SOME PROVISIONS то IMPROVE THEIR WORKING, CLARIFY THEIR MEANING, REMOVE DOUBTS ON INTERPRETATION, OR SOME CASES, CORRECT MINOR DRAFTING ERRORS, HE ADDED.

IN

SECURITIES, IN

E

MR NENDICK EXPLAINED THAT UNDER THE BANKING ORDINANCE,

OTHER "DEPOSIT" WAS DEFINED TO INCLUDE DEBENTURES AND RESPECT OF WHICH A PROSPECTUS HAD BEEN REGISTERED UNDER THE COMPANIES ORDINANCE, WHERE THESE WERE ISSUED BY AUTHORISED INSTITUTIONS, BANKS OR DEPOSIT-TAKING COMPANIES.

I.E..

SAME WAY

THE IN "THIS MEANS THAT THESE ISSUES ARE REGULATED

THE AS OTHER DEPOSIT-TAKING BY AUTHORISED INSITUTIONS; IN PARTICULAR,

SUCH SECURITIES IN REGISTERED DEPOSIT-TAKING COMPANIES CANNOT ISSUE

THE EQUIVALENT IN FOREIGN DENOMINATIONS OF LESS THAN HK$100,000 OR CURRENCY.

"REPRESENTATIONS

HAVE BEEN MADE TO US THAT THIS 13 AN REGISTERED DEPOSIT-TAKING COMPANIES TO

ARE OFTEN ISSUED TO PROMOTE MARKETABILITY,

IN

IMPEDIMENT TO THE ACCESS BY SOME INTERNATIONAL CAPITAL MARKETS WHERE BONDS DENOMINATIONS AS LOW AS 5,000 US DOLLARS HE SAID.

/IT WAS