XN000022-1992-02-28 — Page 14

13

FRIDAY, FEBRUARY 28, 1992

"SECTIONS 75 AND 76 PROVIDE FOR THE APPOINTMENT OF AN RECEIVER BY THE GOVERNOR

DEFINE HIS POWERS AND SPOKESMAN SAID.

AND

HIS

OFFICIAL THE

STATUS,"

EFFECTIVELY

"IN ORDER THAT THE NEW OR CAN DISCHARGE HIS DUTIES FOLLOWING ESTABLISHMENT OF THE NEW OFFICE, THE ORDINANCE NEEDS TO BE AMENDED TO ENABLE HIM TO DELEGATE

POWERS TO CERTAIN SPECIFIED ON HIS BEHALF OFFICERS WHO CAN ACT

AND CARRY OUT HIS STATUTORY

HE SAID. FUNCTIONS AS RECEIVER AND TRUSTEE OF THE ESTATE OF DEBTORS,

OFFICERS MAY

10

THE OR IN THE LITIGATION OFFENCES

THE SPECIFIED

ALSO REPRESENT SUPREME COURT IN HEARINGS ON PETITIONS OR CIVIL PROCEEDINGS, AND CONDUCT PROSECUTIONS RELATING TO INSOLVENCY IN THE MAGISTRATE COURTS.

REQUIRES THE

THE PROPOSED SECTION 75(3), THEREFORE, OFFICERS TO BE LEGALLY QUALIFIED. THEY ALSO NEED TO BE TAKE AFFIDAVITS.

RELEVANT AUTHORISED ΤΟ

AND

"TRANSITIONAL PROVISIONS ARE INCLUDED TO ENSURE CONTINUITY CERTAINTY REGARDING ACTIONS TAKEN RESPECTIVELY BY OFFICERS OF RGD AND OF FUNCTIONS," ORO IMMEDIATELY BEFORE AND AFTER THE DATE OF TRANSFER THE SPOKESMAN ADDED.

"CLAUSES 7 TO 13

OF THE

BILL CONTAIN

ΤΟ AMENDMENTS

OTHER ESTABLISHMENT OF THE ORO AND THE LEGISLATION CONSEQUENT UPON THE CESSATION OF RG'S RESPONSIBILITY AS OR," HE SAID.

NOT WILL

ENTAIL

ANY

ORO

INSOLVENCY

THE ESTABLISHMENT OF THE NEW DEPARTMENT SIGNIFICANT CHANGES IN STATUTORY PROCEDURES OR COSTS, AND THE NEW

THE PREMISES

BY USED

THE

WILL RETAIN DIVISION OF THE RGD.

CURRENTLY

INLAND REVENUE (AMENDMENT)(NO. 2) BILL 1992

* * * * *

A BILL WHICH PROPOSES TO EXEMPT FROM TAX THE PROFITS FROM CARRIAGE OF PASSENGERS AND FREIGHT FROM HONG KONG EARNED BY OWNERS OF OCEAN-GOING SHIPS REGISTERED IN HONG KONG, IS GAZETTED TODAY (FRIDAY).

THE EXEMPTION WOULD ALSO APPLY TO CHARTER HIRE RECEIVED BY ALL OCEAN-GOING SHIPS, IRRESPECTIVE OF THEIR PLACE OF REGISTRATION.

"THE AMENDMENTS CONTAINED IN THE INLAND REVENUE (AMENDMENT) (NO. 2) BILL 1992 ARE INTENDED TO ENCOURAGE SHIPOWNERS TO REGISTER THEIR SHIPS ON HONG KONG'S SHIPPING REGISTER. THEY WOULD REMOVE TAX DISINCENTIVES ΤΟ THE DEVELOPMENT OF HONG KONG AS A SHIPPING MANAGEMENT CENTRE,' A GOVERNMENT SPOKESMAN SAID.

/"WITH THE