TNAG-1773-FCO40-2525-Hong-Kong-Exchange-Fund-Hong-Kong-Futures-Exchange-Limited--1988 — Page 167

CONFIDENTIAL FM HONG KONG

TO PRIORITY FCO

TELNO 1527

OF 25040OZ APRIL 88

CONFIDENTIAL

НКС 105

COPY

Q DIST ? 8

126043

MDLIAN 2271

-

YOUR TELNO 962: EXCHANGE FUND ORDINANCE APPROVED INVESTMENTS

1. A HACTL BOARD MEETING HAS BEEN ARRANGED FOR 27 APRIL 1988 AT WHICH THE QUESTION OF SHAREHOLDERS' LOANS WILL BE REVIEWED IN THE LIGHT OF YOUR COMMENTS. IN ADDITION, WE ARE ALSO CONSIDERING THE DEFINITION OF SECURITIES.

2. WE WILL REVERT IN DUE COURSE.

WILSON

YYYY

ΜΑΙΝ

21

MINIMAL

HKD

NNNN

DISTRIBUTION

21

ERD

PAGE 1 CONFIDENTIAL