XN000022-1993-07-21 — Page 35

WEDNESDAY, JULY 21, 1993

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AT PRESENT, A COMPLAINT TO THE COMMISSIONER HAS то ROUTE THROUGH AND BE REFERRED BY A NON-OFFICIAL LEGISLATIVE COUNCIL MEMBER.

THE THIRD KEY CHANGE PROPOSED TO THE REDRESS SYSTEM IS THAT COMAC WILL BE EMPOWERED TO PUBLISH CASE REPORTS WHICH HE CONSIDERS MAY BE OF PUBLIC INTEREST.

"THIS

WILL HELP PROMOTE PUBLIC AWARENESS OF AND CONFIDENCE IN THE COMAC SYSTEM, AND WILL CERTAINLY PROVIDE A USEFUL CHECK FOR THE DEPARTMENTS AND PUBLIC BODIES," SIR DAVID SAID.

THE CHIEF SECRETARY SAID THE BILL REFLECTED THE OUTCOME OF A COMPREHENSIVE REVIEW ON THE OPERATION OF THE COMAC OFFICE.

AS A

"1 AM SURE THE PUBLIC WILL WELCOME THE ABOVE PROPOSALS POSITIVE STEP TAKEN BY THE GOVERNMENT TO ENHANCE THE IMAGE AND EFFECTIVENESS OF THE COMAC REDRESS SYSTEM, HE SAID.

DEBATE ON THE BILL WAS ADJOURNED.

STABILITY IN TRADE TIES REASSURED

GIVEN THE UNPREDICTABILITY OF THE INTERNATIONAL CLIMATE, THE FOREIGN CORPORATIONS BILL WILL PLAY A USEFUL ROLE OF ENSURING STABILITY AND CONTINUITY IN HONG KONG'S TRADING AND COMMERCIAL RELATIONS WITH OTHER TERRITORIES.

THE COMMENT WAS MADE BY THE SECRETARY FOR FINANCIAL SERVICES, MR MICHAEL CARTLAND, AS HE MOVED THE SECOND READING OF THE BILL IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

THE BILL SEEKS TO ALLAY CONCERN OVER THE CORPORATE STATUS IN HONG KONG OF A BODY ESTABLISHED UNDER THE LAWS OF A FOREIGN TERRITORY WHICH IS NOT RECOGNISED BY THE UNITED KINGDOM AS A STATE.

MR CARTLAND SAID CONCERN ABOUT THE LEGAL CAPACITY OF CORPORATIONS FROM TERRITORIES NOT RECOGNISED BY THE UK HAD BEEN EXPRESSED PARTICULARLY BY THE LEGAL PROFESSION.

"THE INTRODUCTION OF THE BILL IS INTENDED TO ALLAY SUCH CONCERN AND TO GIVE PRIMACY TO COMMERCIAL REALITY,' HE SAID.

THE SECRETARY EMPHASISED THAT THE BILL CLARIFIED THE STATUS OF FOREIGN CORPORATIONS IN THE LIGHT OF COMMERCIAL REALITIES AND HENCE REASSURED AND ENCOURAGED COMPANIES IN THE COMMERCIAL AND FINANCIAL WORLD.

"IT DOES NOT HAVE ANY BEARING ON THE RECOGNITION OF STATES WHICH

TS

CLEARLY AND ABSOLUTELY A MATTER OF FOREIGN POLICY FOR THE BRITISH GOVERNMENT, HE ADDED.

DEBATE ON THE BILL WAS ADJOURNED.

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