XN000022-1990-07-11 — Page 29

WEDNESDAY, JULY 11, 1990

27

HANG LUNG BANK (ACQUISITION) (AMENDMENT) BILL 1990 INTRODUCED

THE HANG LUNG BANK (ACQUISITION} (AMENDMENT) BILL 1990, THE PURPOSE OF WHICH IS ΤΟ AMEND THE HANG LUNG BANK (ACQUISITION) ORDINANCE SO THAT THE BANK, WHICH HAS BEEN SOLD BY GOVERNMENT, CAN BE PUT BACK ON THE SAME FOOTING AS OTHER BANKS IN THE PRIVATE SECTOR, WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

MOVING THE SECOND READING OF THE BILL, THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, SAID THE BILL SOUGHT TO REPEAL A NUMBER OF PROVISIONS RELATING TO THE MANAGEMEN" AND CONTROL OF THE BANK BY GOVERNMENT BECAUSE THEY WERE NO LONGER APPROPRIATE.

ON THE OTHER HAND, IT WAS NECESSARY TO LEAVE SOME PROVISIONS OF THE ORDINANCE INTACT, HE SAID.

"OF THESE SECTIONS

י

6(3) TO (5) PROVIDE FOR TRANSACTIONS TO BE DISCLAIMED BY THE BANK IF SO DIRECTED FINANCIAL SECRETARY.

EXISTING

CERTAIN

BY

THE

PRESERVED

"IT IS IN THE PUBLIC INTEREST THAT SUCH A RIGHT BE BECAUSE GOVERNMENT HAS GIVEN THE PURCHASER OF THE BANK CERTAIN INDEMNITIES AND WARRANTIES IN RESPECT OF LIABILITIES INCURRED BY THE BANK BEFORE ITS ACQUISITION BY GOVERNMENT, " SIR PIERS SAID.

SIR PIERS ADDED THAT SINCE THERE WAS A POSSIBILITY THAT SOME RIGHTS TO COMPENSATION CONFERRED BY SECTIONS 8(2) AND (3) OF THE ORDINANCE WOULD NOT BE TIME-BARRED, THE BILL ALSO LEFT THESE PROVISIONS INTACT, TOGETHER WITH PARTS OF SECTION 9, WHICH ALLOWED REGULATIONS RELATING TO SUCH COMPENSATION TO BE MADE.

DEBATE ON THE BILL WAS ADJOURNED.

0

—

MORE EFFECTIVE SENTENCING ALTERNATIVES AVAILABLE

* * * * * *

THE

GOVERNMENT BELIEVES THAT THERE ARE MORE EFFECTIVE SENTENCING ALTERNATIVES THAN CORPORAL PUNISHMENT, THE SECRETARY FOR SECURITY, THE HON ALISTAIR ASPREY, SAID TODAY (WEDNESDAY) IN THE LEGISLATIVE COUNCIL.

MOVING THE SECOND READING OF THE CORPORAL BILL 1990, MR ASPREY SAID THE BILL SOUGHT TO PUNISHMENT ORDINANCE WHICH GAVE THE COURTS SENTENCES OF CORPORAL PUNISHMENT.

PROPOSAL то

HE EMPHASISED THAT THE PUNISHMENT ORDINANCE DID NOT REPRESENT A GOVERNMENT'S EFFORTS IN THE FIGHT AGAINST CRIME.

REPEAL THE THR POWER

PUNISHMENT (REPEAL)

CORPORAL AWARD

ΤΟ

REPEAL THE

OF

CORPORAL THE

RELAXATION

/ALTHOUGH AT