ENG-1996 — Page 124

FINANCIAL AND MONETARY AFFAIRS

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initially be wholly owned by the government through the Exchange Fund. Its business would be developed in two phases, starting with the issue of unsecured debt securities to finance the purchase of mortgage loans for its own portfolio, followed by the MBS issue. The corporation is expected to commence operation in the latter half of 1997.

The World Bank/International Monetary Fund Annual Meetings in 1997

Preparation work for the 1997 World Bank/International Monetary Fund Annual Meetings, which will be held in Hong Kong from September 23 to 25, is well under way. The steering committee chaired by the Financial Secretary has been overseeing the co-ordination of various planning areas and good progress has been made. The HKMA as the implementation agency of the 1997 Annual Meetings has solicited sponsorship from the banking sector and relevant organisations, both in kind and in cash, of more than $70 million.

Companies Registry

The Companies Registry administers and enforces certain sections of the Companies Ordinance. It incorporates local companies, registers overseas companies, registers documents required to be submitted by registered companies and provides facilities for the search of company records. It also administers and enforces several other ordinances including the Trustee Ordinance, as this relates to trust companies, the Registered Trustees Incorporation Ordinance and the Limited Partnerships Ordinance.

Since 1993, the Companies Registry has been operating as a trading fund department. Unlike a vote-funded department, the registry can keep part of its income and apply it flexibly, having regard to its needs, business turnover and its customers' demands and expectations. For the financial year to March 31, 1996, the Companies Registry Trading Fund managed to generate a surplus of $9.9 million, $8.8 million more than the budgeted surplus.

During the year, the registry continued to improve its working environment and services. By March 1996, the department had completed all its improvement programmes covering the public areas. The document registration area and the public search hall had been expanded and improved. These areas are now more spacious and provide far better facilities to the customers. Customer liaison officers, well experienced in company registration and company search matters, are now available to provide on-the-spot advice or assistance to customers.

One of the registry's long-term objectives is to provide direct on-line access to the records it maintains. In January 1996, as a first step towards achieving this goal, all the company names and company document indices were converted into a CD-ROM and made available to customers. By referring to this CD-ROM and its regular updates, customers are able to order company records remotely by facsimile transmission.

In addition, the registry commenced its data expansion project in the middle of 1996. Under this project, vital company information, such as details of directorships, capital structure, the registered addresses of companies and whether or not a company has any registered charges, will be recorded on the database maintained by