TNAG-1645-FCO40-2292-Company-law-reform-in-Hong-Kong-Companies-(Amendment)-(No.-2-1987 — Page 108

48

is made available or disclosed, whether by circular or public announcement,

to the other members at the same time; and if any company makes

default in complying with this subsection, the company and every

officer of the company who is in default shall be liable to a

default fine of $500."

9.4

There were many criticisms of the draft clause, particularly

as to the wide scope of the information covered and as to the lack of

exemptions in respect of information supplied to such persons as

auditors.

9.5

A revised version of the proposed Section 155D appeared

in the Companies (Amendment) Bill 1983 but, again, there was criticism

and Government decided that the clause should be deleted and the

matter referred to the Standing Committee for consideration.

revised form of the proposed Section 155D in the 1983 Bill was as

follows:

"(1) Subject to subsection (3), no company shall

make available or disclose to any person at

}

The

any time any information to which this section

applies unless that information is made available

or disclosed at the same time, whether by

circular or public announcement, to all the

members of the company; and if any company makes

default in complying with this subsection, the

company and every officer of the company who is

in default shall be liable to a default fine

of $500.

(2) This section applies to information which, as

respects a company

-

(a) relates to specific matters relating or of

concern (directly or indirectly) to that

/49