TNAG-1733-FCO40-2446-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 82

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The need

for the temporary provisions set out in

the Bill arises from two inter-related issues. First, under section 122 of the Companies Ordinance, the accounts and balance sheet of the Exchange Company must be laid before an annual general meeting within nine months from

the end of each financial year. Since the Futures tel

Exchange's last financial year ended on

on 31 December 1987,

the next annual general meeting should be held by the end

of September 1988.

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Secondly, the articles of association of the

Je Exchange Company provide that the Government was to appoint

の

the whole of the Exchange Company's initial

initial board of came

directors after the articles had come into effect in 1985.

In the second year, 1986, two/thirds of the board was to be le government appointed, and in the third year, 1987; These provisions to appoint government

We onefthird.

Je directors will, however, expire

when the Exchange Company holds its 1988 annual general meeting. In the fourth year, and thereafter, there can be no government appointed

the board of the futures Exchange under the tet

be

director on

provisions of the articles. All directors must be elected from amongst members of the Exchange.