XN000022-1988-02-10 — Page 17

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1

WEDNESDAY, FEBRUARY 10, 1988

JACOBS

NOTED

FINANCIAL

OR UNLISTED PUBLIC OF THE DATES OF

HOWEVER, MR

THAT AUTHORISED INSTITUTIONS WHICH WERE KITHER PRIVATE COMPANIES COMPANIES WERE NOT REQUIRED TO GIVE PUBLIC THEIR ANNUAL GENERAL MEETINGS.

NOTICE

IN VIEW OF THIS, BE SAID HE THEREFORK PROPOSED THAT ALL AUTHORISED FINANCIAL INSTITUTIONS SHOULD BE REQUIRED TO GIVE AT LEAST FOUR WEEKS' NOTICE OF THE DATES OF THEIR ANNUAL GENERAL MEETINGS IN AN APPROVED CHINESE LANGUAGE NEWSPAPER AND AN APPROVED ENGLISH

LANGUAGE NEWSPAPER.

A

A FURTHER MINOR AMENDMENT WAS NEEDED TO CLAUSE 4 TO REQUIRE 'NIL' STATEMENT TO BE PREPARED BY AN INSTITUTION WHERE NO RELEVANT TO LOAN EXISTED SO THAT THE AUDITOR, WHERE APPROPRIATE, MIGHT BE ABLE

LOANS OMITTED INCLUDE IN HIS REPORT PARTICULARS OF

FROM THE 'NII.'

STATEMENT, MR JACOBS ADDED

DURING THE RESUMPTION OF THE SECOND READING OF THE BILL, MR

AND THE JACOBS THANKED THE HON PETER POON,

HELMUT SOIMEN A.D THE HON F.K. HE AND THE

HOC AD

GROUP

HON LEGCO

FOR FOR

TRFIR SUPPORT, THEIR ASSISTANCE.

HAD POINTED OUT. HE SAID THAT AS MR POON

CONCERN

IN DIFFICULTIES EXPRESSED THAT AUDITORS MIGHT ENCOUNTER WHETHER A LOAN WAS CONCESSIONARY OR NOT,

HAD BFEN DETERMINING

REQUIRED OF

IN PARTICULAR IT WAS FEARED THAT THE SUBJECTIVITY ABDITORS WOULD LEAD TO DIFFERENT TREATMENT OF EQUIVALENT LOANS IN FINANCIAL STATEMENTS OF DIFFERENT INSTITUTIONS, MR JACOBS NOTEL,

HE SAID HE UNDERSTOOD THIS CONCERN THERE WOULD BE INSUPERABLE DIFFICETIES.

THE

BOT DID

NOT

EXPR I

THAT

ARE LIKELY

BE

TO

PRW IN SHOULD IN MOST

"LOANS FALLING INTO THIS CATEGORY

OCCUR, TEH CIRCUMSTANCES NUMBER AND WHERE THEY DO CASES BE CLEAR CUT, BE ADDED.

"THERE WELL ALWAYS BE MARGINAL CASES WHERE AUDITORS

TO EXERCISE THEIR JUDGEMENT.

WILL

HAVE

HE POINTED OUT THAT AUDITORS WERE NOT UNUSED TO THIS TASK APPLYING THE PROVISIONS OF THE ORDINANCE, AND THE WORDING OF THE MADE IT CLEAR THAT A TEST OF REASONABLENESS WOULD BE INVOLVED.

ALTHOUGH

NOT CONVINCED

WELEN

#{T 1.

THAT ANY CHANGE TO THE PRESENT MR JACOBS PROPOSALS IN THIS REGARD WOULD BE WARRANTED AT THIS STAGE,

TI TO RECONSIDER THE MATTEL IN SAID HE WAS PREPARED, HOWEVER,

OF EXPERIENCE,

LIGAT

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