15
3.15.
On reflection, therefore, we do not think it
wise for Hong Kong to adopt a system different in quite a
basic way from that adopted for other registers.
Accordingly, we believe that the best way forward is to
specify that not only should a corporate owner be
incorporated in Hong Kong, but that its principal place
of business should also be here. There is a sufficiency
of common law backing to believe that these items in
tandem will constitute the genuine link. The principal
place of business concept is consistent with Article 7(1)
of the draft International Agreement at Annex C.
Legally Accountable Representative
3.16.
Again there was little comment on this aspect
other than a suggestion that if both ownership and
management and control (now principal place of business)
were totally sewn up then yet additional qualifications
were superfluous. Given our views above on management
and control, and given that Hong Kong will continue to be
a place where people and companies come and go, it is
important that those in the shipping business remain
and are seen to remain legally responsible in Hong
Kong. Furthermore, we believe that this legally
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