XN000022-1993-01-20 — Page 11

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WEDNESDAY, JANUARY 20, 1993

SINCE MOST COMPANIES HOLD THEIR AGMS

AROUND THE END OF THE CALENDAR YEAR, COMPLIANCE WITH THIS REQUIREMENT USUALLY LEADS ΤΟ A SUDDEN AND HEAVY INFLUX OF ANNUAL RETURNS DURING JANUARY AND FEBRUARY.

"WE NOW PROPOSE THAT PRIVATE COMPANIES SHOULD FILE THEIR ANNUAL RETURNS WITH THE REGISTRAR WITHIN 28 DAYS AFTER THE ANNIVERSARY OF THEIR DATE OF INCORPORATION, THE SPOKESMAN SAID.

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THE OF

"THESE ANNIVERSARIES ARE MORE EVENLY SPREAD THROUGHOUT YEAR. THIS CHANGE WILL RESULT IN A MORE ORDERLY SUBMISSION RETURNS OVER THE PERIOD AND THUS HELP то REDUCE QUEUING TIMES AND GENERAL INCONVENIENCE TO MEMBERS OF THE PUBLIC," HE SAID.

INTERIM ARRANGEMENTS ARE PROPOSED ΤΟ MINIMISE DISRUPTION TO COMPANIES' FAMILIAR REPORTING CYCLES, THE SPOKESMAN SAID.

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"UNDER THE INTERIM ARRANGEMENTS, COMPANIES WHICH HAVE THEIR ANNIVERSARY WITHIN SIX MONTHS FROM THE DUE DATE OF THEIR ANNUAL RETURN NEED ONLY FILE THEIR NEXT RETURN WITHIN 28 DAYS FROM THEIR ANNIVERSARY AFTER NEXT.

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"FOR THOSE COMPANIES WHICH HAVE THEIR ANNIVERSARY AFTER MONTHS FROM THE DUE DATE OF THEIR ANNUAL RETURN, THEY WILL HAVE TO. FILE THEIR NEXT RETURN AT THEIR NEXT ANNIVERSARY, HE ADDED.

THE OPPORTUNITY IS ALSO BEING TAKEN TO PROVIDE FOR CHANGES IN THE EXISTING LEGISLATION SO AS TO ALLOW PRIVATE CLUBS AND OTHER COMPANIES LIMITED BY GUARANTEE TO PROHIBIT THE APPOINTMENT OF NON-MEMBERS AS PROXIES.

"THESE COMPANIES WILL ALSO BE EXEMPT FROM THE EXISTING PROVISION WHICH PROHIBITS THE APPOINTMENT OF TWO OR MORE DIRECTORS UNDER ONE SINGLE RESOLUTION," THE SPOKESMAN SAID.

THIS CATEGORY OF COMPANIES ESSENTIALLY COMPRISES NON-TRADING ORGANISATIONS, WHOSE INTERESTS AND MODUS OPERANDI DIFFER FROM COMMERCIAL FIRMS.

"THE BILL WILL ALSO TIGHTEN UP CERTAIN PROCEDURAL ARRANGEMENTS IN REGARD TO THE SPECIAL PROCEDURES FOR VOLUNTARY WINDINGS-UP BY COMPANIES UNDER S228A OF THE ORDINANCE," THE SPOKESMAN SAID.

CURRENTLY THERE ARE NO RESTRICTIONS ON WHO MAY BE APPOINTED PROVISIONAL LIQUIDATOR UNDER THESE PROCEDURES.

"WE ARE PROPOSING THAT NO PERSON SHALL BE APPOINTED AS PROVISIONAL LIQUIDATOR UNLESS HE IS A SOLICITOR OR A PROFESSIONAL ACCOUNTANT, THE SPOKESMAN SAID.

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A PROVISIONAL

REQUIREMENTS WILL BE

"THIS IS INTENDED AS A SAFEGUARD AGAINST ABUSE. LIQUIDATOR'S ABILITY TO DISPOSE OF THE ASSETS OF THE COMPANY WILL ALSO BE RESTRICTED AND CERTAIN NOTIFICATION INTRODUCED, HE SAID.

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/THE BILL