XN000022-1992-11-18 — Page 30

WEDNESDAY, NOVEMBER 18, 1992

28

SECTION 95 CURRENTLY

THINGS, THAT PROVIDES AMONG OTHER

INSPECTOR TO INVESTIGATE GOVERNOR IN

MAY APPOINT AN COUNCIL AFFAIRS

THE INSPECTOR'S REPORT IS MADE OF A TRUST COMPANY. CHIEF SECRETARY,

THE

THE

ΤΟ

THE

"AS THESE ARE USUALLY FINANCIAL MATTERS OF A TECHNICAL WE PROPOSE THAT THESE POWERS SHOULD BE TRANSFERRED FROM THE IN COUNCIL AND THE CHIEF SECRETARY TO THE FINANCIAL SECRETARY.

NATURE,

GOVERNOR

WITH SIMILAR LINE

ON CONFERRED COMPANY

THE

OF 142 AND 143

THE COMPANIES

"THIS WILL ALSO BRING THE PROVISIONS INTO

то POWERS

INVESTIGATE THE AFFAIRS OF A FINANCIAL SECRETARY ORDINANCE," THE SPOKESMAN SAID.

UNDER SECTION

THE GROUNDS ON

OF A THAT A TRUST BREACH

AT THE SAME TIME THE BILL SPECIFIES CLEARLY WHICH AN INSPECTOR MAY BE APPOINTED TO INVESTIGATE THE AFFAIRS TRUST COMPANY, SUCH AS IF THERE IS REASON TO BELIEVE COMPANY HAS COMMITTED A BREACH OF TRUST, IS INSOLVENT OR IS IN OF ANY OF THE REQUIREMENTS IMPOSED BY PART VIII OF THE ORDINANCE.

"IN

ΤΟ THOSE ORDINANCE, FOR

ADDITION, WE PROPOSE TO INCLUDE GROUNDS SIMILAR SPECIFIED UNDER SECTION 143 (1) (C) OF THE COMPANIES EXAMPLE, SUSPECTED FRAUD, OR FAILURE TO PROVIDE SUFFICIENT INFORMATION

11 HE ADDED. ABOUT THE AFFAIRS OF THE COMPANY TO ITS MEMBERS,

THE PROPOSED AMENDMENTS ALSO ADDRESS THE PROBLEM OF THE LACK OF PART IN EFFECTIVE SANCTIONS AGAINST BREACHES OF CERTAIN PROVISIONS VIII OF THE ORDINANCE.

THESE PROVISIONS INCLUDE SECTION 81 WHICH RESTRICTS THE OBJECTS OR OF A TRUST COMPANY, SECTION 92 WHICH PROHIBITS LOANS TO A DIRECTOR

93 WHICH RESTRICTS THE TRUST COMPANY, AND SECTION OFFICERS OF A BORROWING OF MONEY BY A TRUST COMPANY.

"THE ONLY SANCTIONS CURRENTLY AVAILABLE ARE INVESTIGATION UNDER

ARE OFTEN WHICH

TOO 95 AND WINDING-UP UNDER SECTION 96,

SECTION DRACONIAN.

*WE PROPOSE TO PROVIDE FOR DEFAULT FINES COMPARABLE TO THOSE IN THE COMPANIES ORDINANCE, THE SPOKESMAN SAID.

THE TRUSTEE (AMENDMENT) BILL 1992 IS SCHEDULED TO BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON DECEMBER 2.

0

BILL TO REMOVE ANOMALY IN APPEAL PROCEDURE

* * * * *

APPEAL FROM REMOVED BY THE

AN ANOMALY IN THE RIGHT TO APPEAL TO THE COURT OF A LOWER COURT'S DECISION ON JUDICIAL REVIEWS WILL BE PROPOSED SUPREME COURT (AMENDMENT) BILL 1992.

UNDER THE LAW,

ΤΟ THE HIGH COURT FOR CIVIL OR CRIMINAL

A PARTY MAY APPLY JUDICIAL REVIEW OF A LOWER COURT'S DECISION IN CAUSE OR MATTER.

/IN CIVIL

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