XN000022-1989-10-25 — Page 14

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WEDNESDAY, OCTOBER 25, 1989

LAW

HE SAID THE PURPOSE OF THE CONVENTION WAS TO

OF TRUSTS PRINCIPLES BETWEEN STATES ON THE IMPORTANT ISSUES CONCERNING THEIR RECOGNITION.

ESTABLISH COMMON

ΤΟ AND

DEAL WITH

THE CONCEPT OF A TRUST WAS NOT RECOGNISED IN MANY COUNTRIES,

WHERE IT SYSTEM, THOSE THAT HAD A CIVIL LAW PARTICULARLY

WAS NOT ACCEPTED THAT ONE INDIVIDUAL MIGHT HOLD ASSETS ON BEHALF OF ANOTHER.

TO AVOID THESE DIFFICULTIES, THE CONVENTION INTRODUCED THE CONCEPT OF A TRUST INTO JURISDICTIONS WHERE IT HAD NOT PREVIOUSLY BEEN THE LAW WHICH GOVERNED ACCEPTED AND PROVIDED RULES FOR DETERMINING SUCH A TRUST AND THE CIRCUMSTANCES IN WHICH IT SHOULD BE RECOGNISED.

"IF THE CONVENTION IS EXTENDED ΤΟ HONG KONG, HONG KONG

ESTABLISHED HERE DOMESTIC LAW WILL BE UNAFFECTED BUT TRUSTS

AND TO BENEFIT OF RECOGNITION WHICH HONG KONG LAW APPLIES WILL RECEIVE THE IN CONVENTION COUNTRIES." MR MATHEWS SAID.

DEBATE ON THE BILL WAS ADJOURNED.

BILL ON THIRD PARTY INSURANCE FOR PASSENGER VESSELS

THE SECRETARY FOR TRANSPORT. THE HON MICHAEL LEUNG, INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) A BILL MAKING THIRD PARTY INSURANCE A PRE-LICENCE CONDITION FOR ALL MAIN CLASSES OF PASSENGER-CARRYING VESSELS EXCEPT KAITOS AND SAMPANS.

(AMENDMENT)

MOVING THE SECOND READING OF THE MERCHANT SHIPPING BILL 1989. MR LEUNG SAID AT PRESENT SUBJECT TO COMPULSORY THIRD PARTY REQUIREMENT.

ONLY PLEASURE VESSELS WERE INSURANCE AS A LICENSING

HE SAID UNDER THE BILL ABOUT 670 INCLUDING FRANCHISED FERRIES, LICENSED LAUNCHES AND WALLA-WALLAS.

VESSELS WOULD BE AFFECTED, FERRIES, WATER-TOUR BOATS,

INDEMNITY OF A

SPECIFIED INJURY ΤΟ

"THE REQUIRED INSURANCE PROVIDES MINIMUM AMOUNT IN RESPECT OF LIABILITY FOR DEATH OR BODILY ANY PERSON. ARISING OUT OF THE USE OF LICENSED VESSELS IN HONG KONG WATERS, MR LEUNG SAID.

++

PARTY

THE

HE SAID MANY LOCAL FERRY OPERATORS, INCLUDING THE TWO

WERE VOLUNTARILY PROVIDING THIRD

THEIR PASSENGERS THAT COMPLIED WITH PROPOSED.

FRANCHISED COMPANIES, INSURANCE PROTECTION FOR MINIMUM LIABILITY LIMIT

/SUCH INSURANCE