TNAG-1734-FCO40-2447-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 227

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Similarly,

there is

disclosure of certain information

nothing new in

requiring the

about about

the beneficial

This too is

owners of voting shares of a licensee,

already in the Ordinance. What the Bill does is to bring residential qualifications which

to date the

up to

to a

distinguish between 'local' and 'non-local' shareholders; to introduce a ceiling on the holding of voting shares by individual 'non-local' shareholders, in addition ceiling on the aggregate shareholding by such persons, and to introduce stricter requirements on notification and disclosure of shareholdings by 'non-local' persons and companies. Under the new residential qualifications, a

'local' person is defined as one;

(a) who is ordinarily resident in Hong Kong; and

(b) who has, at some time, been ordinarily resident

in Hong Kong for a continuous period of at least

seven years.

In the case of a company, a 'local' company is one which is 'ordinarily resident in Hong Kong' as defined in the

Ordinance.

/Whereas the existing definition