XN000022-1988-03-09 — Page 9

WEDNESDAY, MARCH 9, 1988

ALSO

PROVIDES

FOR

ACCOUNTS AND "THE BILL EDUCATION SCHOLARSHIPS FUND TO BE KEPT AS THE DIRECTOR SERVICES MAY REQUIRE," HE ADDED.

OF RECORDS

OF ACCOUNTING

THE

1955,

OF A TRUST FUND

THE EDUCATION SCHOLARSHIPS FUND ORDINANCE WAS ENACTED IN PROVIDING FOR THE ESTABLISHMENT AND ADMINISTRATION KNOWN AS THE EDUCATION SCHOLARSHIPS FUND.

MR BRIDGE SAID THE ORDINANCE PROVIDED FOR THE DIRECTOR OF EDUCATION OR HIS REPRESENTATIVE FUND COMMITTEE.

THE APPOINTMENT OF AS CHAIRMAN OF THE

THE DONORS OF WHICH то THE

"APART FROM SOME VERY OLD SCHOLARSHIPS, CANNOT BE TRACED, ALL DONORS AND HEADS OF SCHOOLS HAVE AGREED PROPOSED CHANGE OF CHAIRMANSHIP.

"THE

CHANGES

PROPOSED IN

THE BILL ARE DESIRABLE AND AS SOON STRAIGHTFORWARD AND IT IS INTENDED TO BRING THEM INTO EFFECT AS THE BILL IS ENACTED, HE ADDED.

F

DEBATE ON THE BILL WAS ADJOURNED.

0

PRIVATE BILL ON FOREIGN BANK MERGER

A PRIVATE BILL RELATING TO A GERMAN BANK MERGER WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) BY THE HON DAVID LI WHO DESCRIBED IT AS A WELCOME BILL THAT WOULD SHOW HONG KONG WAS MOST RESPONSIBLE IN AFFORDING CERTAINTY OF OPERATION TO FINANCIAL INSTITUTIONS AND CUSTOMERS ALIKE.

LI

IT WAS

THE BILL WAS THE DEUTSCHE BANK (MERGER) BILL 1988, WHICH MR ALSO DESCRIBED AS TECHNICAL

NATURE AND UNCONTROVERSIAL. GIVEN A SECOND READING.

IN

UNDER

MR LI SAID THE BILL WAS NECESSARY BECAUSE,

THE LAW OF ABSORB DEUTSCHE THE FEDERAL REPUBLIC OF GERMANY, DEUTSCHE BANK WOULD BANK ASIA (D.B. ASIA)

WAS IT'S WHOLLY-OWNED SUBSIDIARY, ON APRIL 5 THIS YEAR.

WHICH

"D.B. ASIA WILL CEASE TO EXIST AND, UNDER GERMAN LAW,

LIABILITIES WILL BUSINESS, ASSETS AND

BE TRANSFERRED TO

|

BANK, HE SAID.

NOTING THAT THE EFFECT OF THIS MERGER UNDER GERMAN LAW CLEAR UNDER HONG KONG LAW, MR LI SAID THAT THE BILL SOUGHT TO

FROM ALL MATTERS ARISING

THE MERGER IN A MANNER WHICH ERTAINTY TO D.B. ASIA AND ITS CUSTOMERS IN HONG KONG.

ALL ITS DEUTSCHE

WAS

NOT CLARIFY AFFORDED

/"D.B. ASIA