XN000022-1990-08-30 — Page 5

THURSDAY, AUGUST 30, 1990

SIXTH REPORT OF STANDING COMMITTEE ON COMPANY LAW REFORM PUBLISHED

REFORM IS PUBLISHED TODAY (THURSDAY).

* *

THE SIXTH REPORT OF

THE STANDING

COMMITTEE ON COMPANY LAW

IT

AMONG

OTHER

THINGS, THE

OF SUBJECTS

OWN SHARES

STANDING COMMITTEE'S INSIDER AND THE SECURITIES

DEALING,

THE

THE

STANDING

COMMITTEE EXAMINED

THE

(INSIDER COUNCIL

COVERED, CONSIDERATION DURING 1989 OF THE

BY A

ITS COMPANY OF (DISCLOSURE OF INTERESTS) ORDINANCE.

PURCHASE

DEALING) BILL 1989 WHICH WAS INTRODUCED INTO THE ON JULY 12, 1989.

SECURITIES

LEGISLATIVE

IN ITS STAGE

A

"MANY OF THE CONCERNS RAISED BY THE STANDING COMMITTEE

BILL THE

WERE

IN THE DISCUSSION OF

REFLECTED

COMMITTEE WHICH WAS ENACTED ON JULY BILL

1990," 25, AMENDMENTS TO THE GOVERNMENT SPOKESMAN SAID.

ONCE LEGISLATION IN THE ORDINANCE WILL BE BROUGHT INTO FORCE

OF ITS OWN SHARES AND STOCK RESPECT OF THE PURCHASE BY A COMPANY LENDING AND BORROWING FREE OF STAMP DUTY IS IN PLACE.

IN VIEW OF

THE

ON THE PROGRESS BEING MADE

NECESSARY INTEREST IN THE QUESTION OF ALLOWING LEGISLATION AND THE GENERAL

COMMITTEE LISTED COMPANIES TO PURCHASE THEIR OWN SHARES, THE STANDING RESUMED CONSIDERATION OF THE SUBJECT IN 1989.

"HAVING

CONSIDERED THE

TO

BY

THE JOINTLY SUBMITTED PROPOSAL

EXCHANGE, THE SECURITIES AND FUTURES COMMISSION (SFC) AND THE STOCK

FOR ALLOWING STANDING COMMITTEE AGREED TO PROCEED WITH THE PROPOSAL

PRIOR OWN SHARES SUBJECT LISTED COMPANIES

WITH

OF BENEFICIAL DISCLOSURE ENACTMENT OF

DEALING

INSIDER DEALING, DISTRIBUTABLE PROFITS OWNERSHIP OF SHAREHOLDINGS, AND FIDUCIARY DUTIES OF DIRECTORS," THE SPOKESMAN SAID.

то LEGISLATION

PURCHASE

THEIR

OF INTERESTS)

THE SECURITIES (DISCLOSURE

LATER IN TO BE EXPECTED

BROUGHT INTO FORCE SECURITIES (INSIDER DEALING) ORDINANCE BY THE END SPOKESMAN SAID.

"LEGISLATIVE

ΤΟ PROPOSALS

ORDINANCE

1988 IS

THE YEAR AND OF THE YEAR,

THE

THE

PROFITS COVER DISTRIBUTABLE

AND WILL PREPARED BEING FOR CONSIDERATION LATER IN

AND

BE THE

FIDUCIARY DUTIES OF DIRECTORS ARE SUBMITTED TO THE EXECUTIVE COUNCIL YEAR, HE SAID.

HT

DRAFT

OF

LEGISLATION THE YEAR,

"

"IN VIEW OF THE IMPORTANCE OF THIS SUBJECT, IS BEING PREPARED WITH A VIEW TO ENACTMENT BY THE END THE SPOKESMAN ADDED.

DURING THE YEAR,

THE

NUMBER OF AMENDMENTS

TO

THE

ORDINANCE PROPOSED BY THE SFC

STANDING

COMMITTEE

ALSO

CONSIDERED

A

OF

INTERESTS)

SECURITIES (DISCLOSURE AND THE STOCK EXCHANGE.

/THE STANDING