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SPEECH BY THE HONOURABLE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL WEDNESDAY 10 FEBRUARY 1988

Companies Ordinance (Chapter 32) Companies (Amendment) Bill 1988

Committee Stage

Clauses 3 and 4

FINANCIAL SECRETARY:

Sir,

Clauses 3 and 4, the

I move the amendmentsyset out in the paper

circulated to Members.

ک

that

As Mr. POON mentioned in the debate on the Second Reading,

Written representations on a number of technical

points in the Bill have been received from the accountancy

profession and others. The amendments which I now move

Legislative Council have been examined and endorsed by the Lego Ad Hoc Group

set up to study this Bill. I am grateful to Mr. F.K. Hu and

-members of the Ad Hoc Group for their support.

Clause 3 of the Bill amends section 161B of the

Ordinance to provide a limited exemption to authorised

financial institutions from the requirement to give

particulars of loans to directors and others in the annual

accounts.