XN000022-1990-03-21 — Page 15

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WEDNESDAY, MARCH 21, 1990

NEW SYSTEM OF KEEPING COMPANY DOCUMENTS ON MICROFILM

* * *

1990 A NEW

INTRODUCE9

SYSTEM OF SECRETARY,

THE COMPANIES (AMENDMENT) (NO. 2) BILL AMENDMENTS TO THE COMPANIES ORDINANCE TO IMPLEMENT KEEPING COMPANY RECORDS ON MICROFILM, THE ACTING FINANCIAL THE HON DAVID NENDICK, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

THAT

MOVING THE SECOND READING OF THE BILL, MR NENDICK SAID CURRENTLY, COMPANY RECORDS FILED WITH THE COMPANIES REGISTRY OF THE REGISTRAR GENERAL'S DEPARTMENT WERE KEPT IN PAPER FORM.

"TO SAVE STORAGE SPACE AND TO IMPROVE THE SERVICE ΤΟ THE PUBLIC, THE COMPANIES REGISTRY PROPOSES IN FUTURE ΤΟ KEEP COMPANY RECORDS ON MICROFILM AND TO MAKE THEM AVAILABLE FOR PUBLIC SEARCH ON MICROFICHE,

"THE AMENDMENTS TO THE COMPANIES ORDINANCE THAT ARE REQUIRED TO IMPLEMENT THE NEW SYSTEM RELATE TO THE DESTRUCTION, INSPECTION, STORAGE, PRODUCTION AND EVIDENTIAL USE OF MICROFILMED DOCUMENTS, AND TO THE PAYMENT OF INSPECTION FEES, HE SAID.

ON DISPOSAL OF DOCUMENTS, MR NENDICK SAID SECTION 348B OF THE ORDINANCE CURRENTLY ENABLED THE REGISTRAR OF COMPANIES TO DESTROY VARIOUS DOCUMENTS AFTER SPECIFIED PERIODS OF TIME WHICH VARIED WITH EACH CLASS OF DOCUMENT.

"THIS PROVISION HAS BEEN DIFFICULT то APPLY IN PRACTICE BECAUSE IT INVOLVES SIFTING THROUGH EACH COMPANY FILE ΤΟ ESTABLISH THE RELEVANT DESTRUCTION DATE FOR THE DIFFERENT CLASSES OF DOCUMENT.

"CLAUSE 3 AMENDS SECTION 348B TO GRANT THE REGISTRAR A DISCRETION TO DESTROY ALL DOCUMENTS AFTER SEVEN YEARS OR AT ANY TIME AFTER THEY HAVE BEEN MICROFILMED," HE SAID.

ON INSPECTION OF DOCUMENTS, HE SAID UNDER SECTION 305(1) OF THE ORDINANCE, ANY PERSON MIGHT AT PRESENT, ON PAYMENT OF A PRESCRIBED FEE, INSPECT COMPANY DOCUMENTS KEPT BY THE REGISTRAR.

PROVIDE A COPY OF

UNDER THE NEW SYSTEM, THE REGISTRAR WOULD THE MICROFICHE AND ONLY MAKE AVAILABLE THE DOCUMENT ITSELF WHERE IT HAD NOT BEEN MICROFILMED (FOR EXAMPLE IN THE CASE OF SHAREHOLDERS' LISTS). CLAUSE 2 AMENDED THE SECTION ACCORDINGLY.

ON PRODUCTION AND EVIDENCE OF DOCUMENTS, MR NENDICK SAID SECTION 305(3) OF THE ORDINANCE RELATED TO THE ADMISSIBILITY AS EVIDENCE OF COPIES OF DOCUMENTS CERTIFIED BY THE REGISTRAR.

TO PERMIT THE USE OF COPIES OF MICROFILMED DOCUMENTS, CLAUSE 2 AMENDED THE SECTION TO PROVIDE EXPRESSLY THAT A COPY WAS TO BE REGARDED AS A COPY OF A DOCUMENT NOTWITHSTANDING THAT IT WAS ITSELF TAKEN FROM A COPY OR OTHER REPRODUCTION OF THE ORIGINAL.

/ON PROVISION