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FINANCIAL STRUCTURE
exchanges were engaged in active trading at the end of the year. Total stock exchange turnover was valued at $5,993 million in 1970, an increase of 135 per cent over the previous year.
The section of the Companies Ordinance which restricts offers in writing to the public of shares for purchase does not apply if the shares are quoted on, or permission to deal in them has been granted by, a recognised stock exchange. In February, the Companies Ordinance was amended to provide a definition of the expression 'recognised stock exchange in the Colony', which had hitherto not been defined, and to empower the Governor in Council to recognise stock exchanges by order. General conditions for recognition were determined by the Governor in Council during the year. At Decem- ber 31, 1970 two applications for recognition had been received, both of which were still under consideration.
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