XN000022-1988-01-20 — Page 8

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WEDNESDAY, JANUARY 20, 1988

ON THE QUESTION OF RECREATIONAL LEASES, MR BARNES SAID: LEASES ARE SPECIAL PURPOSES LEASES WHICH WILL NOT BE EXTENDED BILL.

BY

"THESE THE

SPECIAL PURPOSE "EACH LEASE GRANTED FOR A

WILL BE HAVING REGARD TO BEFORE A DECISION IS TAKEN ON EXTENSION, POLICY.

EXAMINED EXISTING

WILL BE ADDRESSED

IN TRE

"THE QUESTION OF PREMIUM AND RENT CONTEXT OF EXAMINING THE EXTENSION OF THESE LEASES," MR BARNES SAID.

HE

THE ISSUE OF

DEEDS

MUTUAL OF URBAN AREA AND THE THIS BILL AND

THAT ADDED

"OPPRESSIVE COVENANT", A PROBLEM COMMON TO BUILDINGS IN THE NEW TERRITORIES, CANNOT BE APPROPRIATELY ADDRESSED BY IT WAS BEING TACKLED SEPARATELY BY THE GOVERNMENT.

BILL TO EXEMPT FROM DISCLOSURE OF LOAN DETAILS TO DIRECTORS

THE

HON PIERS

TODAY JACOBS,

ΤΟ ORDINANCE

MEET THE GENERAL PRINCIPLE OF

PUBLIC

THE DURING

FINANCIAL SECRETARY, THE

ΤΟ AMEND THR (WEDNESDAY) MOVED

COMPANIES REQUIREMENT OF BANKING CONFIDENTIALITY AND THE

OF

INFORMATION DISCLOSURE

TO THE LEGISLATIVE COUNCIL MEETING.

RELEVANT

AMEND FINANCIAL DISCLOSE IN THEIR ANNUAL COMMERCIAL TERMS то INDIVIDUAL

SPEAKING DURING THE SECOND READING OF THE COMPANIES (AMENDMENT)

THE PURPOSE OF THE BILL WAS TO BILL 1988, MR JACOBS SAID SECTION 161B OF THE ORDINANCE IN ORDER TO EXEMPT AUTHORISED

ΤΟ THE REQUIREMENT INSTITUTIONS FROM ACCOUNTS DETAILS OF LOANS ON NORMAL DIRECTORS AND OTHER OFFICERS.

INSTEAD, SUCH

DETAILS WOULD

DAYS

BE MADE

FOR AVAILABLE

PUBLIC

INSPECTION FOR 14

PRIOR TO AN INSTITUTION'S ANNUAL GENERAL MEETING AND FOR SEVEN DAYS THEREAFTER, HE ADDED.

EXPLAINED MR JACOBS

THAT THE COMPANIES ORDINANCE REQUIRED

KONG, INCLUDING SUCH EVERY COMPANY INCORPORATED IN HONG

AUTHORISED то SET FINANCIAL INSTITUTIONS AS BANKS AND DEPOSIT-TAKING COMPANIES,

MADE OUT IN ITS ANNUAL ACCOUNTS DETAILED INFORMATION CONCERNING LOANS

DIRECTORS OF ITS

AND OFFICERS, OR BY THE COMPANY TO ANY

то ANY COMPANY CONTROLLED BY ANY OF ITS DIRECTORS,

THE

THAT "THE BANKING COMMUNITY HAS EXPRESSED SERIOUS CONCERN

INCLUSION OF CUMBERSOME PRESENT DISCLOSURE REQUIREMENT INVOLVES THE AND EXCESSIVE DETAIL IN THEIR ANNUAL ACCOUNTS.

CONSTITUTE A "FURTHERMORE, PUBLICATION COULD DUTY OF CONFIDENTIALITY OWED BY A BANK TO ITS CUSTOMER,

BREACH OF THE

"

HE SAID.

/HE ADDED