CONFIDENTIAL
FM FCO
TO PRIORITY HONG KONG
TELNO 962
OF 151635Z APRIL 88
CONFIDENTIAL
6
05/1
нис 105
102414
MDLOAN 5070
-
TOP COPY Q DIST ?
YOUR TELNO 1378: EXCHANGE FUND ORDINANCE APPROVED INVESTMENTS 1. THE PROBLEM IS THAT, UNDER SECTION 3(2) OF THE ORDINANCE, THE SECRETARY OF STATE MAY APPROVE THE INVESTMENT OF THE FUND IN QUOTE SECURITIES UNQUOTE. SECURITIES ARE NOT DEFINED IN THE ORDINANCE, AS IT APPEARS IN THE REVISED EDITION FOR 1984, NOR IS THERE A GENERAL DEFINITION IN THE INTERPRETATION ORDINANCE. WE ARE THEREFORE THROWN BACK ON MORE GENERAL AIDS TO CONSTRUCTION. IT SEEMS THAT THE LOAN IN QUESTION IS AN UNSECURED LOAN, I.E ONE THAT IS NOT SECURED ON THE ASSETS OR UNDERTAKING OF THE COMPANY IN THE WAY A DEBENTURE IS SECURED, AND IF SO WE WOULD NEED TO BE PERSUADED THAT IT CONSTITUTES A SECURITY. WE WOULD BE GRATEFUL FOR YOUR VIEWS.
HOWE
YYYY
ΜΑΙΝ
22
MINIMAL
HKD
NNNN
DISTRIBUTION
22
ERD
FINANCE DEPT
1
PAGE
CONFIDENTIAL
No comments yet.
Private notes are available after approval.