XN000022-1991-08-30 — Page 8

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FRIDAY, AUGUST 30, 1991

THE STANDING COMMITTEE ALSO SHOULD BE INTRODUCED TO CONFIRM THE OR LINES OF VALIDITY OF THE COMMON PRACTICE OF BANKS SECURING LOANS

OVER CASH DEPOSITS PLACED WITH THEM BY CREDIT BY TAKING CHARGES BORROWERS.

IN THE LIGHT OF A UK COURT CASE, RECOMMENDED THAT LEGISLATION

"PROPOSALS WERE INCORPORATED IN THE LAW (CONSOLIDATION) (AMENDMENT} SPOKESMAN SAID.

1991 ORDINANCE

AMENDMENT AND REFORM ENACTED IN JULY,'

**

THE

THE STANDING

COMMITTEE

BY THE PRESENT LIMITED INDEX OF REGISTRAR GENERAL TO EXPAND

COMPANY BY DIRECTORS OF LISTED DIRECTORS TO INCLUDE ALL DIRECTORSHIPS HELD COMPANIES.

ALSO CONSIDERED

A

PROPOSAL

THE

THE STANDING COMMITTEE RECOMMENDED THAT THIS SHOULD PROCEED.

A FURTHER RECOMMENDATION OF THE STANDING COMMITTEE INVOLVES AMENDMENT TO SECTION 290 OF THE COMPANIES ORDINANCE.

"THIS

PROVIDES FOR A

TIME

AN

LIMIT

FOR

THE

SECTION

TWO-YEAR INTERESTED PARTIES TO MAKE AN APPLICATION TO THE COURT TO DECLARE DISSOLUTION OF A COMPANY VOLD," THE SPOKESMAN SAID.

"THE STANDING COMMITTEE CONSIDERED THAT THIS WAS PERIOD AND MIGHT CAUSE INJUSTICES," HE SAID.

тоо SHORT A

AN

THAT THE COURT IT RECOMMENDED THAT SECTION 290 BE AMENDED SO MAY EXTEND THE TIME LIMIT "IN EXCEPTIONAL CIRCUMSTANCES", AND THAT APPLICATION FOR EXTENSION MAY BE MADE AT ANY TIME.

COMMITTEE DURING THE OF COMPANY

THE ACCOUNTS, SYSTEM AND THE SETTLEMENT

OTHER ISSUES CONSIDERED BY THE STANDING

AUDIT THE COURSE OF THE YEAR RELATED TO PROPOSED NEW

CLEARING AND DISQUALIFICATION OF COMPANY DIRECTORS,

CENTRAL

"THESE ISSUES ARE STILL

UNDER

CONSIDERATION,"

THE

SPOKESMAN

SAID.

MEMBERS OF THE PUBLIC WHO WISH TO OBTAIN A COPY OF THE STANDING THE STANDING REPORT

TO THE SECRETARY TO

REGISTRAR GENERAL'S DEPARTMENT, GOVERNMENT

12TH OFFICES,

FLOOR,

COMMITTEE'S COMMITTEE ON

COMMERCIAL

CAN COMPANY LAW DIVISION,

WRITE

REFORM,

QUEENSWAY

66 QUEENSWAY, HONG KONG.

MEMBERS OF THE PUBLIC INTERESTED IN

THE SUBJECTS COVERED BY

THE COMMITTEE'S REPORT ARE INVITED TO SUBMIT THEIR COMMENTS IN WRITING TO THE SECRETARY FOR MONETARY AFFAIRS,

ADMIRALTY CENTRE, TOWER II,

24TH FLOOR, 18 HARCOURT ROAD, HONG KONG NOT LATER THAN NOVEMBER 2.

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