XN000022-1991-11-13 — Page 24

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WEDNESDAY, NOVEMBER 13, 1991

BILL TO MODIFY PROXY VOTING IN STOCK EXCHANGE INTRODUCED

*

ELECTION OF THE LEGISLATIVE

A BILL SEEKING TO MODIFY PROXY VOTING AT THE

IS INTRODUCED INTO THE STOCK EXCHANGE COUNCIL MEETING COUNCIL TODAY (WEDNESDAY).

THE STOCK EXCHANGE

UNIFICATION

AFFAIRS, MR DAVID HONG KONG MAY ONLY IN PERSON FOR MORE THAN ONE

MOVING THE SECOND READING OF (AMENDMENT) BILL 1991, THE SECRETARY FOR MONETARY NENDICK, SAID A MEMBER OF THE STOCK EXCHANGE OF APPOINT A PROXY WHILE HE IS UNABLE TO ATTEND AND VOTE GOOD CAUSE, AND THAT A PERSON MAY NOT BE APPOINTED BY MEMBER TO VOTE AT SUCH ELECTION.

то BE AN

THE AMENDMENT ALSO PROPOSED THAT A PROXY WOULD HAVE EMPLOYEE OR PARTNER REGISTERED UNDER THE SECURITIES ORDINANCE.

OF PROXY "THE PURPOSE OF THESE AMENDMENTS IS TO PREVENT ABUSE

EXCHANGE WILL BE VOTING AND TO ENSURE THAT THE COUNCIL OF THE STOCK ELECTED IN A FAIR MANNER, MR NENDICK SAID.

IN

UNDER THE BILL, A PRIMARY DUTY ON THE STOCK EXCHANGE TO ACT

THE

OF THE PARTICULAR, THE PUBLIC INTEREST

INTERESTS AND, IN INVESTING PUBLIC WOULD BE IMPARTED.

ITS

PUBLIC "THE PURPOSE IS TO ENSURE THAT THE EXCHANGE, AS A QUASI

AN EXCLUSIVE RIGHT TO RAISE A SECTOR INSTITUTION WITH

STATUTORY

ΤΟ

WILL HAVE A OPERATIONS, LEVY

FINANCE TRANSACTION

THOUGH IT OWES A RESPONSIBILITY TO ACT IN THE PUBLIC INTEREST EVEN

DUTY TO ITS SHAREHOLDERS, " THE SECRETARY SAID. FIDUCIARY

POINTED OUT THAT THE BILL MR NENDICK AGAINST CIVIL LIABILITY TO THE PUBLIC INTEREST DUTY IN GOOD FAITH.

ALSO PROVIDED IMMUNITY STOCK EXCHANGE WHEN EXERCISING ITS

DEBATE ON THE BILL WAS ADJOURNED.

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