HONG KONG
LEGAL REPORT
COMPANIES (AMENDMENT) (No. 3) ORDINANCE 1988
(No. 79 of 1988)
Enclosure No. Z
This Ordinance amends the Companies Ordinance for the following purposes -
(a)
(b)
(c)
(d)
(e)
(f)
(g)
to make it clear that the restriction on the registration of a company by a name which suggests or is calculated to suggest a connection with Her Majesty's Government extends to a name which suggests or is calculated to suggest a connection with the Government of Hong Kong (section 2);
to remove the specification of the fees for applications in connection with the reservation of company names from the body of the Ordinance to the Eighth Schedule so that such fees may be more easily amended in future (section 3);
to permit prospectuses of companies to contain photographs or illustrations as an aid to comprehension; there is no prohibition on photographs and illustrations in prospectuses issued in respect of foreign companies (section 4);
to effect certain corrections to the text of the principal Ordinance (sections 5 and 6);
to enable the statutory declaration of solvency required in the case of a voluntary winding up of a company to be made on the same date as the passing of the resolution to wind up the company (section 7);
to extend priority to claimants under contracts of insurance in the event of the winding up of an insurance company (section 8);
to empower the Official Receiver to invest surplus funds in the Companies Liquidation Account for the benefit of the general revenue, without reference to the Director of Accounting Services (section 9);