XN000022-1989-11-15 — Page 10

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WEDNESDAY, NOVEMBER 15, 1989

THE

IT

THE

OF

THE

INCLUSION INDUSTRY

OF

AN

OF

THE

ALTHOUGH THE AD HOC GROUP WAS IN FAVOUR

TO GIVE AGREED INSURANCE CONTRACTS. OPPORTUNITY TO IMPLEMENT SELF-REGULATION UNDER THE MONITORING INSURANCE AUTHORITY. FOR ITS EFFECTIVENESS. DR IP SAID.

THE

VIEW TO

TO

HAD CONSIDERED WHETHER DR IF ALSO SAID THE AD HOC GROUP TERM "SECURITIES" UNDER SCHEDULE I SHOULD BE DEFINED, WITH A LIMITING

PROVIDING GREATER PROTECTION

CONSUMERS.

EXCEPTIONS

AND

THEREBY

HAD

AFTER DISCUSSION WITH THE ADMINISTRATION, THE AD HOC GROUP AGREED THAT IT WAS DIFFICULT TO CONTEMPLATE A SATISFACTORY DEFINITION.

RECOGNITION OF TRUSTS BILL 'HAS DEFECTS'

THERE WERE MANY DEFECTS IN THE PROPOSED RECOGNITION

OF TRUSTS

PETER

BILL 1989 AND IT WAS LIKELY TO CAUSE LOSS AND EXPENSE, THE HON H.Y. WONG TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

SAID THAT COURT

SPEAKING IN THE RESUMED DEBATE ON THE BILL. MR WONG A TRUST SHOULD BE AN EQUITABLE OBLIGATION ENFORCEABLE ONLY IN A OF EQUITY,

HE LATER VOTED AGAINST THE BILL.

MR WONG SAID: "WHERE THERE IS A COURT OF EQUITY, A TRUST WILL BE ENFORCED WITHOUT THE NEED FOR ANY INTERNATIONAL CONVENTION BY FORCE OF THE ORDINARY PRINCIPLES OF EQUITY, WHERE THERE IS NO COURT OF EQUITY HAVING JURISDICTION. AN EQUITABLE OBLIGATION CANNOT BE ENFORCED.

IS NO NEED

"IN RELATION TO A TRUST PROPERLY SO CALLED, THERE FOR THE CONVENTION IN JURISDICTIONS WHERE THERE IS A COURT OF EQUITY, AND IN JURISDICTIONS WHERE THERE IS NO COURT OF EQUITY, A CONVENTION CANNOT MAKE AN EQUITABLE OBLIGATION ENFORCEABLE, UNLESS IT ALSO ESTABLISHES A COURT OF EQUITY IN THAT JURISDICTION WHICH CONVENTION DOES NOT PURPORT TO DO."

THIS

THIS

AND

MR WONG WENT ON: "THE CONVENTION PURPORTS ΤΟ OVERCOME PROBLEM BY DEFINING AS A TRUST, SOMETHING WHICH IS NOT A TRUST, THEN PURPORTING TO MAKE RULES RELATING TO THESE NON-TRUSTS WHICH IT CALLS TRUSTS.

HE SAID.

CONFUSION WAS HEAPED UPON CONFUSION BY CLAUSE 213) OF THE BILL,

/"IF THIS

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