TNAG-1724-FCO40-2437-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 124

MR. SOHMEN:

Sir,

SPEECE

DRAFT SPEECH BY DR HON HELMUT SOHMEN LEGISLATIVE COUNCIL 10 FEBRUARY 1988

Companies (Amendment) Bill 1988

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le

li

I would like to present views on this motion which have been put to me by Mr. David K. P. LI, who is absent today, and with which I agree.

The Amendment Bill before us today is the result of much consultation by Government with many interested organisations including the Hong Kong General Chamber of Commerce, the Law Society, the Hong Kong Society of Accountants, the Institute of Chartered Secretaries and Administrators and, more importantly perhaps, the Hong Kong Deposit-taking Companies Association and the Hong Kong

Association of Banks.

The Hong Kong Society of Accountants has made detailed representations which have been noted and to some extent are incorporated in the final revision.

The Hong Kong Association of Banks, which has been pressing for amendments to be made to Section 161B of the existing Ordinance, has reviewed these proposed amendments and all other representations and welcomes and endorses the amendments to the Bill.

this

The Bill exempts authorised financial institutions and their holding companies from the requirement to disclose details of loans to every director and officer in their annual reports and accounts, except for loans in excess of HK$10 million made on concessionary terms. What will instead be required are annual accounts giving aggregate figures only.

(I)