XN000022-1993-02-17 — Page 32

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WEDNESDAY, FEBRUARY 17, 1993

IN ADDITION, THE BILL PROPOSES то STRENGTHEN THE SPECIAL PROCEDURES FOR THE VOLUNTARY WINDING UP OF COMPANIES AND ΤΟ UPDATE CERTAIN FEES AND PENALTIES.

MOVING THE SECOND READING OF THE BILL, THE ACTING SECRETARY FOR MONETARY AFFAIRS, MR TAM WING-PONG, SAID THE PROPOSALS HAD BEEN RECOMMENDED BY THE STANDING COMMITTEE ON COMPANY LAW REFORM AFTER CONSULTATION WITH THE RELEVANT PROFESSIONAL BODIES.

UNDER THE BILL, COMPANIES WILL BE REQUIRED TO FILE THEIR ANNUAL RETURNS WITHIN 28 DAYS OF THE ANNIVERSARY OF THE DATE OF THEIR

INCORPORATION.

MR TAM SAID THESE ANNIVERSARIES WERE, IN GENERAL, MORE EVENLY SPREAD THROUGHOUT THE YEAR.

RETURN GENERAL YEAR.

ANNUAL ANNUAL

AT PRESENT, A COMPANY IS REQUIRED TO FILE A COPY OF ITS WITH THE REGISTRAR OF COMPANIES WITHIN 42 DAYS OF ITS

MEETING WHICH IS USUALLY HELD AROUND THE END OF THE CALENDER

COMPLIANCE WITH THE ORDINANCE USUALLY LEADS TO A SUDDEN AND HEAVY INFLUX OF ANNUAL RETURNS DURING JANUARY AND FEBRUARY.

"THIS RESULTS IN INCREASED QUEUING TIMES AND GENERAL INCONVENIENCE FOR THE PUBLIC, AND IMPOSES UNNECESSARILY ONEROUS DUTIES ON THE COMPANIES REGISTRY AT THIS TIME OF YEAR,' MR TAM SAID.

"I

AS REGARDS PROPOSALS FOR COMPANIES LIMITED BY GUARANTEE, MR TAM EXPLAINED THAT ANY MEMBER OF A COMPANY WAS AT PRESENT ENTITLED ΤΟ APPOINT ANOTHER PERSON, WHETHER A MEMBER OR NOT, AS HIS PROXY.

HE ADDED THAT UNDER THE ORDINANCE, AT A GENERAL MEETING OF A COMPANY, OTHER THAN A PRIVATE COMPANY, A MOTION FOR THE APPOINTMENT OF TWO OR MORE DIRECTORS BY A SINGLE RESOLUTION WAS PROHIBITED.

BY

THESE PROVISIONS HAVE CAUSED SOME CONCERN FOR COMPANIES LIMITED GUARANTER ESPECIALLY THOSE COMPANIES WHICH ARE PRIVATE

CLUBS,

HE

SAID.

VOTE

THEY FIND IT UNPALATABLE THAT NON-MEMBERS ARE ALLOWED TO AT MEETINGS, AS PROXIES, BUT MEMBERS HAVE AT ALL TIMES ΤΟ VOTE INDIVIDUALLY IN PERSON ON COMMITTEE MEMBERS, HE SAID.

"WE PROPOSE THEREFORE TO RELAX THESE REQUIREMENTS IN RELATION TO COMPANIES LIMITED BY GUARANTFE. HOWEVER, THESE COMPANIES WILL ВЕ ABLE TO CONTINUE TO APPLY SUCH REQUIREMENTS IF THEY SO WISH UNDER THE TERMS OF THEIR MEMORANDA AND ARTICLES OF ASSOCIATION, HE SAID.

[

ON THE KEEPING OF A COMPREHENSIVE INDEX OF ALL COMPANY DIRECTORS, MR TAM SAID THE PRESENT PROVISION REQUIRING THE REGISTRAR OF COMPANIES TO MAINTAIN SUCH AN INDEX FOR PUBLIC INSPECTION HAD NOT YET BEEN BROUGHT INTO EFFECT BECAUSE OF RESOURCE PROBLEMS.

"WE NOW PROPOSE THAT, AS AN INTERIM MEASURE, A COMPREHENSIVE INDEX BE CREATED TO COVER THE PARTICULARS OF ALL THE DIRECTORSHIPS HELD BY DIRECTORS OF LISTED COMPANIES, HE SAID.

/THIS INFORMATION