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Following is the speech by the Secretary for Financial Services, Mr Stephen Ip, in moving the committee stage amendments to the Companies (Amendment) Bill 2001 in the Legislative Council today (October 31):

Chairman, I move the amendments to Clauses 4, 6 and 7, as set out in the paper circularized to Members.

The amendments can be classified into two categories. The first category relates to Clause 4(3), Clause 6 and Clause 7(b), and its main purpose is to add Section 141CAA to the Companies Ordinance. Section 141CAA provides that if an entitled person in relation to a listed company does not send a notice of intent to the company within a specified period indicating his wishes as regards whether to receive a summary financial report or the relevant financial documents, the entitled person shall be treated as having sent a notice of intent to the company within the specified period notifying the company that he agrees to be sent a summary financial report in place of the relevant financial documents.

The second category relates to Section 141CG, which is proposed to be added to the Companies Ordinance under Clause 6. Section 141CG allows a listed company to fulfil its obligation to send a summary financial report or the relevant financial documents to an entitled person by putting such report or documents on a computer network. Section 141CG(2)(a) specifically provides for the period in which the report or documents are required to be kept on the computer network. I now propose to amend the wording of this section to clarify that the report or documents would be required to be kept on the computer network until the date of the following annual general meeting or the date of a general meeting held in accordance with a direction of the court.

Thank you.

End/Wednesday, October 31, 2001

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