XN000022-1990-03-21 — Page 16

WEDNESDAY, MARCH 21, 1990

14

ON PROVISION FOR THE REGISTRAR TO KEEP REGISTERS OR ANY OTHER DOCUMENTS IN A FORM OTHERWISE THAN IN A LEGIBLE FORM, HE SAID SECTION 347 OF THE ORDINANCE DID NOT STATE THE MANNER IN WHICH THE REGISTRAR MUST KEEP HIS RECORDS.

TO ENABLE THE REGISTRAR TO KEEP RECORDS ON MICROFILM, AMENDED THIS SECTION TO PROVIDE EXPRESSLY THAT THE RECORDS THE REGISTRAR NEED NOT BE IN DOCUMENTARY FORM.

CLAUSE 4 КЕРТ BY

ON INSPECTION FEES, MR NENDICK SAID THAT UNDER THE NEW A SEARCH OF COMPANY RECORDS KEPT ON MICROFILM WOULD BE REFERENCE TO A PARTICULAR YEAR OR NUMBER OF YEARS.

SYSTEM,

BY

MADE

"TO RECOVER THE COSTS OF THE NEW SERVICE, THE COMPANIES REGISTRY PROPOSES TO CHARGE A FEE OF $10 FOR EACH YEAR SEARCHED, AND A FURTHER FEE OF $10 FOR INSPECTION OF ANY REMAINING DOCUMENTS THAT HAVE NOT BEEN MICROFILMED. CLAUSE 5 AMENDS THE EIGHTH SCHEDULE TO THE ORDINANCE ACCORDINGLY," HE SAID.

DEBATE ON THE BILL WAS ADJOURNED.

BANKING AMENDMENT BILL INTRODUCED

* * * * *

AUDITORS AND ΤΟ ACTING FINANCIAL COUNCIL TODAY

THE PURPOSE OF THE BANKING (AMENDMENT) (NO. 2) BILL 1990 IS TO IMPROVE THE OPERATION OF THE PROVISIONS RELATING TO RECTIFY SOME MINOR ANOMALIES AND UNCERTAINTIES, THE SECRETARY, THE HON DAVID NENDICK, TOLD THE LEGISLATIVE (WEDNESDAY).

MR NENDICK SAID THAT UNDER SECTION 61 OF THE BANKING ORDINANCE, DIRECTORS OF AN INSTITUTION, AUDITORS OR THE COMMISSIONER OF BANKING MIGHT CALL TRIPARTITE MEETINGS TO DISCUSS MATTERS RELATING TO THE INSTITUTION.

"WHILST THIS

SITUATION

IS

GENERALLY

SATISFACTORY, CIRCUMSTANCES CAN ARISE WHERE THE REQUIREMENT ΤΟ INVOLVE THE AUTHORISED INSTITUTION MAY NEGATE THE USEFULNESS OF A MEETING.

"THE HONG KONG SOCIETY OF ACCOUNTANTS, RECOGNISING THE PRESENT SHORTCOMING, HAS RECOMMENDED IN A GUIDANCE NOTE ᎢᎻᎪᎢ . IN CERTAIN CIRCUMSTANCES THE AUDITOR SHOULD APPROACH THE COMMISSIONER DIRECTLY WITHOUT INVOLVING THE AUTHORISED INSTITUTION.

"ALTHOUGH THE SOCIETY'S LEGAL ADVICE IS THAT, IN SO DOING, AN AUDITOR SHOULD NOT BE LIABLE FOR DAMAGES TO HIS CLIENT FOR CONFIDENCE, THE MATTER IS NOT FREE FROM DOUBT.

BREACH OF

/"THE SOCIETY