XN000022-1994-04-08 — Page 9

FRIDAY, APRIL 8, 1994

CHINESE PERMANENT CEMETERIES (AMENDMENT) BILL 1994

* *

PERMANENT OF MANAGEMENT THOSE OF SIMILAR

THE GOVERNMENT PROPOSES TO AMEND THE CHINESE CEMETERIES ORDINANCE TO BRING THE POWERS OF THE BOARD OF THE CHINESE PERMANENT CEMETERIES INTO LINE WITH BODIES.

THE PROPOSED AMENDMENTS ARE CONTAINED IN THE CHINESE CEMETERIES (AMENDMENT) BILL 1994 GAZETTED TODAY (FRIDAY).

PERMANENT

AMENDMENTS WOULD GIVE THE

FOR

EFFICIENT THE

AND

SAID THE A GOVERNMENT SPOKESMAN

POWERS NECESSARY BOARD OF MANAGEMENT LEGAL EFFECTIVE DISCHARGE OF ITS FUNCTIONS.

"THEY PROVIDE FOR THE BOARD OF MANAGEMENT TO CONDUCT BUSINESS

A PROFESSIONAL FUND MANAGER

BY CIRCULATION OF PAPERS TO EMPLOY MANAGE INVESTMENTS, AND TO HAVE WIDER DISCRETION OVER THE IT MAY MAKE," THE SPOKESMAN SAID.

то

INVESTMENTS

WERE ALREADY ENJOYED BY

POWERS HE POINTED OUT THAT SIMILAR OTHER TRUST FUND BODIES SUPERVISED BY THE HOME AFFAIRS BRANCH.

THE BILL IS DUE TO HAVE ITS FIRST READING COUNCIL ON APRIL 20.

IN THE LEGISLATIVE

SWISS BANK GRANTED HK LICENCE

*

A GOVERNMENT SPOKESMAN SAID TODAY (FRIDAY) THAT COUTTS & CO AG HAD BEEN GRANTED A BANKING LICENCE TO CONDUCT BUSINESS IN HONG KONG.

IT IS THE 46TH LARGEST BANK IN SWITZERLAND AND RANKS 1186TH IN THE WORLD IN TERMS OF ASSETS.

THE BANK HAS AN OVERSEAS BRANCH IN NEW YORK, REPRESENTATIVE OFFICES IN SINGAPORE AND TOKYO AND SUBSIDIARIES IN NASSAU AND THE ISLE OF MAN.

I

IN HONG KONG, IT HAS A SUBSIDIARY COUTTS & CO (ASIA) LTD, WHICH IS CURRENTLY A REGISTERED INVESTMENT ADVISER WITH THE SECURITIES AND FUTURES COMMISSION.

1977.

IT HAS ALSO BEEN OPERATING A REPRESENTATIVE OFFICE SINCE JULY

THE SPOKESMAN SAID THE CONTINUING INTEREST OF FOREIGN BANKS IN ENTERING THE LOCAL MARKET REFLECTED HONG KONG'S CONTINUED IMPORTANCE AND ATTRACTIVENESS AS A MAJOR INTERNATIONAL FINANCIAL CENTRE.

THIS LICENCE IS THE FOURTH BANKING LICENCE GRANTED THIS YEAR.

THERE ARE NOW 176 LICENSED BANKS IN HONG KONG, OF WHICH 144 ARE INCORPORATED OUTSIDE THE TERRITORY.

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