A46
Addition of
new section 161 BA.
Ord. No. 12/88
COMPANIES (AMENDMENT)
company at the time the loan was made) after 21 August 1984 by the authorized financial institut and
(ii) the amount representing the maximum liability of the authorized financial institution under all guarantees entered into, and in respect of any security provided, by that authorized financial in- stitution in connection with any loan made to an officer of the company (whether or not he was an officer of the company at the time the loan was made) after 31 August 1984 by any person; and
(b) the maximum aggregate of the amounts referred to in paragraph (a) that obtained during the financial year."; and
(b) by adding, after subsection (7), the following—
4.
“(7A) In this section and in sections 161BA and 161C "company" means-
(a) a company; or
(b) any other body corporate incorporated in Hong
Kong under an Ordinance.".
The principal Ordinance is amended by adding, after section 161B, the following-
"Further provisions relating to loans to
officers, etc. of authorized financial institutions.
161BA. (1) A company which is, or is the holding company of, an authorized financial institution shall maintain a register containing a copy of every agreement in writing relating to any transaction (or if no such document exists, à written memorandum setting out the terms of any transac- tion) of which particulars would, but for section 161B(4A), be required by section 161B to be shown in the accounts of the company (including group accounts) in respect of each finan- cial year, and such copies (or memoranda) shall be retained in the register for a period of 10 years.
(2) A company which is an authorized financial institu- tion shall before its annual general meeting make available, at the place where its register of members is kept, for a period of not less than 14 days ending on the date of the meeting and for a period of 7 days thereafter, for inspection by members of the public a statement containing the particulars of transac- tions which the company would, but for section 161B(4A), be required by section 161B to include in its accounts for the financial year preceding that annual general meeting (or if there are no such transactions, a statement to that effect), and such a statement shall also be made available for inspection by members of the company at the annual general meeting.
(3) It shall be the duty of the auditors of the company by whom the accounts are examined to examine the statement referred to in subsection (2) before it is made available for inspection and to make a report on the statement; and a copy of the report shall be annexed to the statement before it is so made available.
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