HONG KONG
LEGAL REPORT
COMPANIES (AMENDMENT) ORDINANCE 1988
(No. 12 of 1988)
The object of this Ordinance is to amend the Companies Ordinance
(a)
(b)
2.
to exempt companies that are "authorized financial institutions" from the disclosure requirements relating to loans to officers and others; and
instead, to require them to maintain a register of such loans, to be open for public inspection for a limited period each year.
The exemption will only apply in the case of loans (including any related transaction) made on ordinary commercial terms or, where they are made on concessionary terms, if the total amount of the borrower's indebtedness (and any related liability) does not exceed $10 million.
3.
Before the Governor assented to the Bill in the name and on behalf of Her Majesty, the Attorney General advised that he could properly do so.
д
March 1988.
ATTORNEY GENERAL'S CHAMBERS,
HONG KONG.
кли
vt
Law Draftsman
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