HONG KONG
LEGAL REPORT
COMPANIES (AMENDMENT) ORDINANCE 1988
(No. 12 of 1988)
The object of this Ordinance is to amend the Companies Ordinance -
(a)
(b)
2.
to exempt companies that are "authorized financial institutions" from the disclosure requirements relating to loans to officers and others; and
instead, to require them to maintain a register of such loans, to be open for public inspection for a limited period each year.
The exemption will only apply in the case of loans (including any related transaction) made on ordinary commercial terms or, where they are made on concessionary terms, if the total amount of the borrower's indebtedness (and any related liability) does not exceed $10 million.
3.
Before the Governor assented to the Bill in the name and on behalf of Her Majesty, the Attorney General advised that he could properly do so.
8
March 1988.
ATTORNEY GENERAL'S CHAMBERS,
HONG KONG.
ཨི
Law Draftsman.
Ref. 2/1/15 IX
Enclosure No. 1
Sir,
Government Secretariat
Hong Kong
4 March 1988
I am directed by the Governor to submit for
the signification of Her Majesty's pleasure an
Ordinance intituled:
Companies (Amendment) Ordinance 1988
Enclosure No. 2
Enclosure No. 3
Enclosure No. 4
This Ordinance was passed by the Legislative Council on 10 February 1988.
2
In accordance with clause XXVIII of the Royal
Instructions, an explanatory report by the Law Draftsman
showing the reasons and occasion for passing the Ordinance
is enclosed. A copy of the Gazette Supplement containing
the Ordinance is also enclosed, together with a copy of
the Bill.
4 Enclosures
(each in duplicate)
I am, Sir,
Yours faithfully
A
LAW Kam-sang)
for Chief Secretary
SECRETARY OF STATE FOR FOREIGN & COMMONWEALTH AFFAIRS
HONG KONG
LEGAL REPORT
COMPANIES (AMENDMENT) ORDINANCE 1988
(No. 12 of 1988)
Enclosure No. Z
The object of this Ordinance is to amend the Companies Ordinance
(a)
(b)
2.
-
to exempt companies that are "authorized financial institutions" from the disclosure requirements relating to loans to officers and others; and
instead, to require them to maintain a register of such loans, to be open for public inspection for a limited period each year.
The exemption will only apply in the case of loans (including any related transaction) made on ordinary commercial terms or, where they are made on concessionary terms, if the total amount of the borrower's indebtedness (and any related liability) exceeds $10 million.
3.
Before the Governor assented to the Bill in the name and on behalf of Her Majesty, the Attorney General advised that he could properly do so.
4 March 1988.
ATTORNEY GENERAL'S CHAMBERS,
HONG KONG,
Kuch
Law Draftsman.