XN000022-1988-10-21 — Page 4

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FRIDAY, OCTOBER 21, 1988

AMENDMENTS TO COMPANIES ORDINANCE PROPOSED

THE GOVERNMENT HAS PROPOSED TO INTRODUCE A NUMBER OF AMENDMENTS TO THE COMPANIES ORDINANCE ΤΟ IMPLEMENT CERTAIN LAW REFORM AND RECOMMENDATIONS OF THE STANDING COMMITTEE ON COMPANY THE INSURANCE ADVISORY COMMITTEE.

DETAILS OF THE PROPOSALS WERE CONTAINED IN THE COMPANIES (AMENDMENT) (NO. 3) BILL 1988 PUBLISHED IN THE GAZETTE TODAY (FRIDAY).

EXPLAINING THE PURPOSE OF

THE BILL, A GOVERNMENT SPOKESMAN

RECOMMENDATIONS BY THE SAID THE PROPOSED AMENDMENTS REFLECTED

TWO MATTERS COMMITTEES WHICH WERE SET UP TO ADVISE THE GOVERNMENT ON SUCH

то THE RELATING TO THE ADMINISTRATION OF THE COMPANIES ORDINANCE AND

INSURANCE BUSINESS RESPECTIVELY IN CARRYING ON OF

THE LIGHT OF PRACTICAL APPLICATION AND EXPERIENCE.

THE SPOKESMAN SAID THAT IT WAS A MISCELLANEOUS INCORPORATING MORE THAN 10 PROPOSED THIS BILL INCLUDED THE FOLLOWING:

AMENDMENT BILL AMENDMENTS. MAJOR PROPOSALS

IN

COMPANIES INCORPORATED IN HONG KONG BE PROSPECTUSES WHICH CONTAIN PHOTOGRAPHS OR A PICTORIAL OR GRAPHIC NATURE.

ΤΟ PERMITTED

ISSUE ILLUSTRATIONS OF

*

THE MINIMUM AGE FOR A PERSON TO BE APPOINTED DIRECTOR BE REDUCED FROM 21 TO 18.

A AS

COMPANY

SAME

VOLUNTARILY

DECLARATION OF SOLVENCY BE PERMITTED TO BE MADE ON THE DATE ON WHICH A RESOLUTION TO WIND UP A COMPANY IS PASSED BUT PRIOR TO THE PASSING THAT DATE.

OF

THAT RESOLUTION ON

PROCEEDINGS

DOCUMENT WITHOUT

A CERTIFIED COPY OF OR EXTRACT FROM ANY REGISTERED BE ADMISSIBLE AS EVIDENCE IN ANY LEGAL THE NEED FOR FURTHER PROOF.

STATUTORY DISCRETION THE REGISTRAR OF COMPANIES BE GIVEN A

IN LIEU TO ACCEPT OTHER SUITABLE EVIDENCE OF INCORPORATION

IN CASES WHERE HE IS OF A CERTIFICATE OF INCORPORATION SATISFIED

ISSUE A IT IS NOT THE PRACTICE INCORPORATION IN THE COMPANY'S PLACE OF

TO

THAT

CERTIFICATE OF

INCORPORATION.

A HIERARCHY OF

PREFERRED CLAIMS

FOLLOWING EXISTING PREFERRED TO GIVE PREFERENTIAL TREATMENT CLAIMS UNDER CONTRACTS

OF

BE SET UP, CLAIMS UNDER THE

ΤΟ PERSONS GENERAL 1.E. NON-LIFE

IMMEDIATELY ORDINANCE, WITH INSURANCE BUSINESS

AGAINST AN INSURANCE COMPANY IN LIQUIDATION.

LATE FILING

OF

ANNUAL $500

FOR BE INTRODUCED PENALTY RATES

FROM THE PROPOSED AMOUNT OF FINE WILL RANGE RETURNS. TO $1,500 DEPENDING ON THE LENGTH OF THE OVERDUE PERIOD.

THE SPOKESMAN