XN000022-1991-01-25 — Page 12

FRIDAY, JANUARY 25, 1991

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"MACHINERY IS BEING SET UP FOR THE DEVELOPMENT OF DISTINCT SHIPPING POLICIES AND THOSE WITH SHIPS REGISTERED IN HONG KONG HAVE THE OPPORTUNITY OF EXPRESSING THEIR VIEWS TO ASSIST IN THE FORMULATION OF POLICY.

"THIS PROVIDES A VALUABLE OPPORTUNITY FOR SHIPOWNERS AND AGENTS OF HONG KONG-REGISTERED SHIPS TO INFLUENCE INTERNATIONAL SHIPPING REGULATIONS AT A FORMATIVE STAGE AND WILL ALLOW GOVERNMENT ΤΟ TAKE INTO ACCOUNT AT THE OUTSET, THE VIEWS OF THE INDUSTRY," HE SAID.

EXPLAINING THE NEED FOR A NEW REGISTER

WHICH CAME INTO BFFECT ON DECEMBER 3 LAST YEAR MR YAXLEY SAID THE TERRITORY HAD ALWAYS BREN A PORT OF BRITISH REGISTRY BUT THIS COULD NOT CONTINUE AFTER THE CHANGE OF SOVEREIGNTY IN 1997.

I'HERE HAD ALSO BEEN A LONG STANDING DEMAND BY HONG KONG SHI POWNERS FOR THEIR OWN REGISTRY.

**THE NEED FOR SEPARATE AND AUTONOMOUS SHIPPING REGISTER THEREFORE PROVIDED FOR IN THE SINO-BRITISH JOINT DECLARATION FUTURE OF HONG KONG, SIGNED IN 1984."

WAS

ON

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HE SAID THE CHINESE GOVERNMENT HAD BEEN CONSULTED ON THE SETTING UP OF THE REGISTER WHILE AN EXHAUSTIVE PROCESS OF DISCUSSION HAD BREN HELD WITH EVERY SECTOR OF THE SHIPPING INDUSTRY SUCH AS SHI POWNERS, MANAGERS, SEAFARERS UNIONS, PROFESSIONAL BODIES, LAWYERS AND BANKERS.

OUTLINING SOME OF THE PRINCIPLES ADOPTED IN THE REGISTER, MR YAXLEY EMPHASISED THAT THE REGISTER WOULD NOT BE A FLAG OF CONVENIENCE AND THAT THERE SHOULD BE A GENUINE LINK BETWEEN HONG KONG AND THE SHIPS ON ITS REGISTER.

HE ALSO TOLD THE AUDIENCE THAT OCEAN-GOING SHIPS ON THE REGISTER WOULD BE EXEMPTED FROM HONG KONG PROFITS TAX FOLLOWING AMENDMENTS TO THE INLAND REVENUE ORDINANCE.

THE SEMINAR WAS HELD AT THE HONG KONG GOVERNMENT OFFICE IN LONDON AND WAS HOSTED BY THE MARINE ADVISER MR DEREK HALL TOGETHER WITH MR S.Y. TSUI AND CAPTAIN TONY JESTICO FROM THE MARINE DEPARTMENT.

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COMPANIES (AMENDMENT) BILL 1991 GAZETTED

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IN

THE COMPANIES (AMENDMENT) BILL 1991, WHICH SEEKS TO SET OUT GENERAL TERMS THE FIDUCIARY DUTIES OF DIRECTORS, IS GAZETTED TODAY

(FRIDAY).

"THERE IS AT PRESENT NO PROVISION IN THE COMPANIES ORDINANCE REGARDING THE FIDUCIARY DUTIES OF DIRECTORS, A GOVERNMENT SPOKESMAN SAID.

/"THE PRINCIPLES