XN000022-1991-05-08 — Page 6

WEDNESDAY, MAY 8, 1991

VIGILANT WATCH TO SAFEGUARD INTEGRITY OF ELECTORAL PROCESS

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THE ADMINISTRATION IS MINDFUL OF THE NEED TO KEEP A VIGILANT WATCH SO AS TO SAFEGUARD THE INTEGRITY AND FAIRNESS OF THE ELECTORAL AND POLITICAL PROCESS, THE ATTORNEY GENERAL, THE HON JEREMY MATHEWS, SAID TODAY (WEDNESDAY).

SPEAKING IN THE SECOND READING DEBATE ON THE CORRUPT AND ILLEGAL PRACTICES (AMENDMENT) BILL 1991 IN THE LEGISLATIVE COUNCIL, MR MATHEWS SAID THIS BILL AND THE PREVENTION OF BRIBERY (AMENDMENT) BILL 1991 SOUGHT TO ADDRESS, AMONG OTHER MATTERS, THE EXISTING ANOMALY BETWEEN INCUMBENT AND NON-INCUMBENT MEMBERS AS REGARDS THEIR ABILITY TO RECEIVE DONATIONS FOR THEIR ELECTION EXPENSES.

MR MATHEWS ALSO CONFIRMED THAT THE ADMINISTRATION WAS CAREFULLY LOOKING INTO THE LEGCO

AD FOO GROUP'S CONCERN ABOUT A SIMILAR ANOMALY REGARDING DONATIONS FOR RUNNING A POLITICAL OFFICE.

THE

"MEMBERS ARE OF COURSE AWARE THAT IT IS THE INTENTION OF ADMINISTRATION TO CONDUCT A COMPREHENSIVE REVIEW OF THE ELECTORAL ARRANGEMENTS AFTER THE SEPTEMBER ELECTIONS TO THIS COUNCIL, HE SAID,

BANKING (AMENDMENT 1 (NO. 2) BILL 1991 INTRODUCED

THE BANKING (AMENDMENT) (NO. 2) BILL 1991 WHICH SEEKS TO IMPROVE THE REGINE REGULATING THE CHANGE OF CONTROL OF LOCALLY ON INCORPORATED AUTHORISED INSTITUTIONS AND TO UPDATE THE REGULATIONS RISK CONCENTRATIONS WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY

(WEDNESDAY).

THE

MOVING THE SECOND READING OF THE BILL, THE FINANCIAL SECRETARY. THE HON SIR PIERS JACOBS, SAID THE PRESENT REGIME REGULATING CHANGE OF CONTROL OF AUTHORISED INSTITUTIONS HAD SOME DEFECTS.

"FIRST, THERE IS NO CONTROL OVER THE SIGNIFICANT SHAREHOLDINGS, WHICH STOP SHORT OF AUTHORISED INSTITUTION'S HOLDING COMPANY,

FULL

ACQUISITION CONTROL, IN AN

OF

"SECONDLY, SHAREHOLDERS OF LOCALLY INCORPORATED INSTITUTIONS ARE ONLY REQUIRED TO SEEK THE APPROVAL OF THE COMMISSIONER OF BANKING FOR THE EXERCISE

TIPIR VOTING RIGHTS AND CONTROL OVER. THE INSTITUTION AFTER THEY HAVE ACQUIRED THEIR INTERESTS.

BE

**THIRDLY, THERE IS NO PROVISION ENABLING CONSENT ΤΟ WITHDRAWN FROM A SHAREHOLDER OR CONTROLLER WHEN THERE IS EVIDENCE THAT HE IS NO LONGER FIT AND PROPER," SIR PIERS SAID.

/TO REMEDY