XN000022-1991-01-25 — Page 13

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FRIDAY, JANUARY 25, 1991 ·

"THE PRINCIPLES UNDERLINING THE RELATIONSHIP OF DIRECTORS TOWARDS THEIR COMPANIES COULD ONLY BE STUDIED BY REFERRING TO THE COMMON LAW AS SET OUT IN DECIDED CASES AND DISCUSSED IN LEGAL TEXTBOOKS," HE SAID.

י.

WE BELIEVE THAT REFERENCE TO THE GENERAL FIDUCIARY DUTIES OF DIRECTORS SHOULD BE MADE READILY AVAILABLE AND ACCESSIBLE TO ALL DIRECTORS, ESPECIALLY TO THOSE WHO ARE NEW TO THEIR POSITIONS AND PERHAPS NOT FAMILIAR WITH THE BASIC PRINCIPLES THE SPOKESMAN SAID.

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THE BILL IS A SHORT STATUTORY STATEMENT WHICH REQUIRES THAT A DIRECTOR SHOULD ACT HONESTLY AND PERFORM HIS FUNCTIONS IN THE BEST INTERESTS OF THE COMPANY. IN THIS CONNECTION, HE SHOULD NOT PERFORM ANY FUNCTION FOR A PURPOSE NOT SPECIFIED IN NOR REASONABLY INFERRED FROM THE INSTRUMENT CONFERRING THAT FUNCTION.

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"THE BILL ALSO PROVIDES THAT A DIRECTOR SHALL NOT ALLOW A CONFLICT TO ARISE BETWEEN THE DUTIES OF HIS OFFICE AND HIS INTERESTS, THE SPOKESMAN SAID.

"HE SHALL NOT, FOR INSTANCE, MAKE USE OF ANY MONBY OR OTHER PROPERTY OF THE COMPANY OR ANY RELEVANT INFORMATION OR OPPORTUNITY FOR THE PURPOSE OF GAINING AN ADVANTAGE FOR HIMSELF, THE SPOKESMAN SAID, ADDING THAT A DIRECTOR SHOULD BE LIABLE ΤΟ ACCOUNT TO THE COMPANY POR ANY GAIN MADE BY HIM. AND COMPENSATE IT FOR ANY LOSS SUFFERED BY IT, AS A CONSEQUENCE OF HIS CONTRAVENING THESE PROVISIONS.

GIVEN THAT NO

EXHAUSTIVE, THE BILL,

STATUTORY LIST OF FIDUCIARY DUTIES CAN BE ALSO PROVIDES EXPLICITLY THAT THE PROPOSED PROVISIONS SHALL HAVE EFFECT WITHOUT PREJUDICE TO ANY RULE OF LAW OR TO ANY OTHER PROVISIONS IN THE COMPANIES ORDINANCE.

HK CELEBRATES INT'L CUSTOMS DAY

HONG KONG, AS A FULL MEMBER OF THE CUSTOMS CO-OPERATION COUNCIL (CCC) SINCE 1987, CELEBRATED INTERNATIONAL CUSTOMS DAY TODAY (FRIDAY).

SPEAKING AT A COCKTAIL RECEPTION TO MARK THE OCCASION THIS SAID EVENING, THE COMMISSIONER OF CUSTOMS AND EXCISE, MR CLIVE OXLEY,

то INTERNATIONAL CUSTOMS DAY PROVIDED AN OPPORTUNITY FOR CCC MEMBERS PROMOTE CO-OPERATION BETWEEN CUSTOMS SERVICES AND TO MAKE THEIR ROLES AND OBJECTIVES BETTER KNOWN.

MR OXLEY PAID TRIBUTE TO OVERSEAS CUSTOMS THEIR REPRESENTATIVES IN HONG KONG.

ORGANISATIONS

AND

HAD HE SAID THAT DESPITE HIS SHORT TIME WITH THE DEPARTMENT HE ALREADY COME

IN TO

COULD WORK APPRECIATE THAT NO CUSTOMS SERVICE ISOLATION.

/"CLEARLY, INTERNATIONAL

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