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on excessive interest rates should not apply to any loans
specified in the First Schedule that are made to a company
with a paid up share capital of not less than $1 million.
Additions have also been made to the list of exemptions in the first schedule to include a loan made to a company with more than $1 million paid up share capital, a loan for the
purpose of import and export financing, a loan upon terms involving the issue of securities with a prospectus, and a
loan made to publicly listed company on Exchange of Hong Kong or other approved stock exchanges.
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Finally, to give greater flexibility,
the
le Registrar will be given powers to grant general and li specific exemptions.
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The Registrar may, after consultation
with the
the Financial Secretary, exempt a class of money
lender, or a loan, or class of loan, by a class of money lender from all or any of the provisions of the Ordinance. The Registrar may also, upon application by a money lender, exempt him from specified provisions of the Ordinance.
27 10.
Sir, I move that the debate on this motion be
now adjourned.
Question on adjournment proposed, put and agreed to.
No comments yet.
Private notes are available after approval.