XN000022-1989-11-15 — Page 7

UN

WEDNESDAY, NOVEMBER 15, 1989

IN THE CRITICISM9

WHICH

REFERENCE TO A SUGGESTED CIRCULARITY.

HAD BEEN

LEVELLED THERE WAS THEN

WHETHER THE CONVENTION BUT THAT THE WHETHER

IS THAT

"I GATHER THAT THE ARGUMENT APPLIES DEPENDS UPON IDENTIFICATION OF THE PROPER LAW, PROPER LAW CANNOT BE DETERMINED UNTIL IT HAS BEEN ASCERTAINED THE CONVENTION APPLIES.

"THE

OF SCHEME

A

THE CONVENTION 18

ΤΟ FIRST TRUST. IF ESSENTIAL ELEMENTS OF

THESE PREVAIL. THE CONVENTION FOR DETERMINING THE APPLIES. ONCE THE CONVENTION APPLIES, THE RULES PROPER LAW ARE THOSE SET OUT. HE SAID,

IDENTIFY

THE

CONSIDERED BY THE BAR MR STOCK SAID THE CONVENTION HAD BEEN

WERE ASSOCIATION, THE LAW SOCIETY, THE HONGKONG BANK TRUSTEE, AND ALL

NONE OF THESE BODIES HAD IN FAVOUR OF ITS EXTENSION TO HONG KONG. VOICED THE CONCERNS EXPRESSED TODAY.

IY LARGELY HE ADDED: "I SHOULD ALSO REPEAT THAT THE BILL THE SAME TERMS AS ENGLAND'S RECOGNITION OF TRUSTS ACT 1987.

IN

OF

'THE

"AGAIN WHEN MOVING IN THE HOUSE OF LORDS THE SECOND READING THE BILL FOR THIS ACT, THE LORD CHANCELLOR OF THE DAY SAID THIS:

THUS

BE OF

LAW PRINCIPALLY

BENEFIT TO COMMON CONVENTION WILL

FURTHER ON: 'THE COUNTRIES SUCH AS ENGLAND AND WALES', AND A LITTLE

EXISTING LAW IN BILL WILL INVOLVE LITTLE CHANGE TO THE SUBSTANCE OF

SERVE ΤΟ CLARIFY A NUMBER THE UNITED KINGDOM, IT WILL HOWEVER ISSUES WHERE OUR EXISTING LAW HAS NOT YET BEEN FULLY DEVELOPED'.

OF

TIME FOR BUSINESS COMMUNITY TO STUDY NEW LAW

IN THE THE CONTROL OF EXEMPTION ENACTED. COME INTO EFFECT UNTIL

NOT, IF

THE ACTING ATTORNEY GENERAL. THE HON FRANK STOCK. SAID LEGISLATIVE COUNCIL TODAY I WEDNESDAY) CLAUSES BILL 1989 WOULD DECEMBER 1 NEXT YEAR.

THIS

SPEAKING IN THE RESUMED DEBATE ON THE BILL. MR STOCK SAID

THR LEGISLATION WOULD ALLOW TIME FOR THE BUSINESS COMMUNITY TO STUDY AND TO AMEND THE CONTRACTUAL DOCUMENTS THEY USED IN THEIR DEALINGS.

DESIRE то

AND HE

HE SAID HE APPRECIATED THE

ENSURE THAT CONSUMERS

WERE GIVEN

PROTECTION SUFFICIENT

THE UNDERSTOOD

CONCERN8 EXPRESSED BY DR THE HON HENRIETTA IP IN RELATION TO THE ABSENCE OF DEFINITION OF THE TERM "SECURITIES”.

A

"HOWEVER.

'SECURITIES'

IN

CLOSE

THE

BILL

CONSIDERATION OF

REVEALED

THE

OF MERITS POTENTIAL DIFFICULTIES

DEFINING

IN

ATTEMPTING TO DO SO,

/"ONE PROBLEM