XN000022-1989-07-14 — Page 12

FRIDAY, JULY 14, 1989

11

CHANGES TO COMPANIES ORDINANCE RECOMMENDED

*

AMENDMENTS ΤΟ FIFTH REPORT OF THE CONSIDERED

A NUMBER OF RECOMMENDATIONS WHICH WOULD REQUIRE THE COMPANIES ORDINANCE WERE CONTAINED IN THE STANDING COMMITTEE ON COMPANY LAW REFORM COVERING SUBJECTS DURING 1988.

то THE

COMPANIES

ON

SHIPS

AND

THE

REGISTER, A

THESE RECOMMENDATIONS INCLUDED CHANGES ORDINANCE ON REGISTRATION OF CHARGES, MORTGAGES PROCEDURES FOR STRIKING A DEFUNCT COMPANY OFF GOVERNMENT SPOKESMAN SAID TODAY (FRIDAY).

SYSTEM FOR NEW COMPANY

HE SAID THAT A PROPOSED REGISTRATION NAMES WAS ALSO PUT FORWARD BY THE STANDING COMMITTEE.

"DURING THE YEAR, THE STANDING COMMITTEE SECURITIES AND FUTURES COMMISSION (SFC) INTO LAW.

"

BILL

ALSO CONSIDERED THE BEFORE IT WAS PASSED

'A NUMBER OF RECOMMENDATIONS IN THE COMMITTEE (SRC) REPORT WHICH AFFECT THE PROVISIONS ORDINANCE WERE ALSO EXAMINED,

HE SAID.

SECURITIES REVIEW OF THE COMPANIES

HIMSELF

ON THE RECOMMENDATION CONCERNING THE REGISTRATION THE SPOKESMAN NOTED THAT UNDER SECTION 85 OF THE COMPANIES THE REGISTRAR GENERAL (RG) WAS REQUIRED TO SATISFY THE RELEVANT DOCUMENTS PRESENTED TO HIM WERE PAYMENT OR SATISFACTION OF DEBT OR OF SECURITY PROPERTY FROM THE CHARGE.

OF CHARGES, ORDINANCE, THAT ALL REASONABLE EVIDENCE OF THE RELEASE OF PART OF THE

RO TO INSTRUMENTS

"THE EFFECT OF THE EXISTING PROVISION IS TO REQUIRE THE EXAMINE THE RELEVANT REASSIGNMENTS, DEEDS OF DISCHARGE, OF RELEASE AND OTHER DOCUMENTS PRESENTED TO HIM AS EVIDENCE.

SECTION OF THE WHETHER THE EFFECTIVE; AND

"THE STANDING COMMITTEE RECOMMENDS THAT THIS LAW BE AMENDED TO RELIEVE THE RG FROM HAVING TO CONSIDER INSTRUMENT OF SATISFACTION EMPLOYED IN EACH CASE IS REQUIRE HIM ONLY TO SATISFY HIMSELF THAT A STATUTORY VERIFYING THE FULFILMENT OF THE NECESSARY REQUIREMENT PRESCRIBED FORM, HE ADDED.

..

ANOTHER RECOMMENDATION OF THE STANDING MORTGAGES ON SHIPS.

DECLARATION IS IN

THE

COMMITTEE INVOLVES

AMENDED то SHIP WITH A WITH THE

"IT IS RECOMMENDED THAT THE COMPANIES ORDINANCE BE REPLACE A REQUIREMENT ΤΟ REGISTER A MORTGAGE ON A REQUIREMENT ONLY TO FILE A NOTIFICATION OF THE MORTGAGE COMPANIES REGISTRY,

HE SAID.

MORTGAGE

"THIS IS INTENDED TO AVOID THE NEED TO REGISTER A BOTH THE COMPANIES REGISTRY AND THE PROPOSED NEW SHIPPING REGISTRY.

IN

14

/ON THE