A 108
Ord. No. 25/85
Short title.
L.S.
COMPANIES (AMENDMENT)
HONG KONG
No. 25 OF 1985
I assent.
An Ordinance to amend the Companies Ordinance.
Edward YOUDE, Governor.
30 May 1985
[31 May 1985]
Enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof.
1. This Ordinance may be cited as the Companies (Amendment) Ordinance 1985.
Amendment of section 20A.
2.
Section 20A of the principal Ordinance is amended-
(Cap. 32.)
Amendment of section 196.
Amendment of section 227F.
(a) in subsection (2) by deleting “$20" and substituting the following-
"$30"; and
(b) in subsection (5) by deleting “$10” and substituting the following-
3.
"$15".
Section 196 of the principal Ordinance is amended by deleting subsection (2) and substituting the following-
"(2) Where a person other than the Official Receiver is appointed liquidator, he shall receive such remuneration by way of percentage or otherwise as is determined-
(a) where there is a committee of inspection, by agreement between the
liquidator and the committee of inspection; or
(b) where there is no committee of inspection or the liquidator and the
committee of inspection fail to agree, by the court,
and if two or more persons are appointed liquidators, their remuneration shall be distributed among them in such proportions as may be determined by the committee of inspection or the court, as the case may be.
(2A) If the Official Receiver is of the opinion that the remuneration of a liquidator as determined under subsection (2)(a) should be reviewed the Official Receiver may apply to the court, and the court may make an order confirming, increasing or reducing the remuneration of the liquidator.".
4. Section 227F(1) of the principal Ordinance is amended-
(a) by deleting "$10,000" and substituting the following-
“$200,000"; and
(b) by deleting paragraph (i) and substituting the following-
"(i) the Official Receiver shall be the liquidator but there shall be no meetings of creditors and contributories under section 194 or 206;".