XN000022-1992-07-03 — Page 14

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FRIDAY, JULY 3, 1992

SPECIAL

"THE ADMINISTRATION RECOGNISES THAT UNDER SOME VERY CIRCUMSTANCES, CERTAIN DEVELOPMENTS MAY BEST BE MANAGED BY THE DEVELOPER OR HIS APPOINTED MANAGEMENT AGENT.

"A NEW SECTION PROPOSES THAT THE SECRETARY FOR HOME AFFAIRS MAY EXCLUDE A DEVELOPMENT ON INDIVIDUAL MERITS FROM THE TERMINATION PROVISION IN ACCORDANCE WITH PUBLISHED GUIDELINES.

"IN GRANTING EXEMPTION, THE SECRETARY FOR HOME AFFAIRS MAY IMPOSE CONDITIONS, SUCH AS STIPULATING A SPECIFIC VALIDITY PERIOD, THE SPOKESMAN SAID.

OF

THE AMENDMENT BILL PROPOSES SOME CHANGES TO THE COMPOSITION THE MANAGEMENT COMMITTEE OF AN OWNERS' CORPORATION TO MAKE IT MORE REPRESENTATIVE,

A BUILDING WITH MORE THAN 50 UNIT'S WILL REQUIRE AT LEAST SEVEN MANAGEMENT COMMITTEE MEMBERS. WHILE ONE WITH MORE THAN 100 UNITS WILL NEED AT LEAST NINE MEMBERS. THE PRESENT REQUIREMENT IS FIVE MEMBERS IN BOTH CASES.

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AS A FORM OF INCENTIVE AND A RECOGNITION OF THE WORK OF THE OFFICE BEARERS OF A MANAGEMENT COMMITTEE, THE AMENDMENT BILL EMPOWERS THE OWNERS' CORPORATION TO GIVE THEM AN HONORARIUM AT ITS DISCRETION.

THE MAXIMUM LEVELS OF HONORARIUM ARE PRESCRIBED, RANGING FROM $600 TO $1,200 A MONTH. DEPENDING ON THE NUMBER OF FLATS IN A BUILDING.

THE BILL ALSO MAKES THE TENANTS' REPRESENTATIVE ELECTED UNDER SECTION 15 OF THE ORDINANCE A FULL MEMBER OF THE MANAGEMENT COMMITTEE WITH THE RIGHT TO VOTE AND SPEAK.

ALSO, IT PROVIDES FOR THE AMENDED ORDINANCE TO BE CITED AS THE "BUILDING MANAGEMENT ORDINANCE" TO REFLECT NORF CORRECTLY THE WIDER SCOPE OF THE LEGISLATION.

INSURANCE COMPANIES (AMENDMENT ! [NO. 3) BILL 1992 GAZETTED

THE INSURANCE COMPANIES (AMENDMENT} (NO, 3) BILL 1992 IS GAZETTED TODAY (FRIDAY) AND WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON JULY 15.

THE PURPOSE OF THE RILL IS TWO-FOLD. IT SEEKS TO FACILITATE THE REPORTING OF SUSPECTED FRAUD BY AUDITORS, ACCOUNTANTS VND ACTUARTES, COMMONLY REFERRED ΤΟ AS "PRESCRIBED PERSONS" IN THE BILL, AND TO DESIGNATE THE MANAGEMENT OF RETIREMENT SCHEMES AS A NEW CLASS OF LONG- TERM BUSINESS.

A

GOVERNMENT SPOKESMAN EXPLAINED THAT THE SCOPE FOR REPORTING BY THE PRESCRIBED PERSONS IS AT PRESENT VERY LIMITED.

/"WE BELIEVE