TNAG-1733-FCO40-2446-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 81

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LIMITED

HONG KONG FUTURES EXCHANGE HID(TEMPORARY PROVISIONS) BILL 1988

THE FINANCIAL SECRETARY moved the Second Reading of 'A Bill to make temporary provision in respect of the holding of the third annual general meeting of the Hong Kong Futures Exchange Limited, for the laying of a profit and loss account and balance sheet before that meeting, and for purposes connected therewith'.

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He said:

sir,

I move that the Hong Kong Futures Exchange Limited

(Temporary Provisions) Bill 1988 be read a second time.

The purpose of this Bill is to postpone the

holding of the third annual general meeting of the Hong

Kong Futures Exchange Limited due to be held on or before

30 September 1988 by a period of up to six months.

There

is also an additional provision for the period to be

extended for a further three months by resolution of this

Council.

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Among the recommendations made by the Securities

Review Committee were proposals for extensive revision of

the constitution, internal management and risk-management

structure of the Futures Exchange. In the opinion of the la committee, the installation of

the installation of the proposed reforms should

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be preconditions

Exchange.

for the continuation of

of the Futures tit.