A536
Ord. No. 79/88
COMPANIES (AMENDMENT) (NO. 3)
HONG KONG
No. 79 OF 1988
I assent.
L.S.
An Ordinance to amend the Companies Ordinance.
David WILSON,
Governor.
1 December 1988
[2 December 1988]
Enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof.
Short title
1. This Ordinance may be cited as the Companies (Amendment) (No. 3) Ordinance 1988.
Restriction on registration of companies by certain names
2.
Section 20(2)(a) of the Companies Ordinance (Cap. 32) is amended by adding "or the Government of Hong Kong" before "or any department thereof".
Reservation of proposed name
3. Section 20A(2) and (5) is repealed.
Registration of prospectus
4. Section 38D(2)(c) is repealed.
COMPANIES (AMENDMENT) (NO. 3)
Ord. No. 79/88
A537
Particulars in accounts of directors'
emoluments, pensions, etc.
5. Section 161(5)(a) is amended by repealing "section 163(4)" and sub- stituting "section 163B(3)”.
Compromises and arrangements with creditors
6. Section 227D(4) is repealed and the following substituted-
"(4) In subsection (1) “arrangement" has the meaning assigned to it by section 166(5).".
Statutory declaration of solvency in case of
proposal to wind up voluntarily
7. Section 233(2)(a) is amended by adding "or on that date but before the passing of the resolution" before "and is delivered to the Registrar".
Preferential payments
8.
Section 265 is amended--
(a) by adding after subsection (1)(d)—
"(e) where the company being wound up is an insurer, any sum payable to a person in respect of any claim (other than a claim for a refund of premium) made under or in accordance with a contract of insurance (but not a contract of reinsurance) effected by the insurer as part of its general business carried on in or from Hong Kong, unless
(i) such sum is, under the contract or in the ordinary course of business, payable in a place outside Hong Kong where assets of the company are maintained and under the law of that place the claim in respect of which the sum is payable is, in the event of a winding up, accorded priority with respect to those assets over claims which under the contract or in the ordinary course of business are payable at any other place; or
(ii) the person to whom the sum is payable is entitled with respect to the claim to claim compensation under any scheme designed to secure compensation to persons in circumstances where the insurer becomes insolvent;
(f) where the company being wound up is an insurer, any sum payable (after offsetting the amount of any sums owing from the claimant) to a person in respect of any claim (other than a claim for a refund of premium) made under or in accordance with a contract of reinsurance effected by the insurer, as reinsurer, as part of its general business carried on in or from Hong Kong, unless such sum is, under the contract or in the ordinary course of business, payable in a place outside Hong Kong where assets of the company are maintained and under the law of that place the claim in respect of which the sum is payable is, in the event of a winding up, accorded priority with respect to those assets over claims which under the contract or in the ordinary course of business are payable at any other place.";