96
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
23
CAPITAL AND RESERVES (Continued)
(b)
Share capital
Authorised: (note 1)
Ordinary shares of HK$1 each
(note 2)
Ordinary shares, issued
2014
Number of
shares
2013
Number of
HK$'000
shares
HK$'000 :
550,000,000
550,000
and fully paid:
At 1 January
356,273,883
356,274
356,273,883
356,274
Transition to no-par value regime
on 3 March 2014 (note 3)
1,398,527
At 31 December
356,273,883
1,754,801
356,273,883
356,274
Note 1: Under the new Hong Kong Companies Ordinance (Cap. 622), which commenced operation on 3 March 2014, the concept of
authorised share capital no longer exists.
Note 2: In accordance with section 135 of the new Hong Kong Companies Ordinance (Cap. 622), the Company's shares no longer have a par or nominal value with effect from 3 March 2014. There is no impact on the number of shares in issue or the relative entitlement of any of the members as a result of this transition.
Note 3: In accordance with the transitional provisions set out in section 37 of Schedule 11 to the new Hong Kong Companies Ordinance (Cap. 622), on 3 March 2014 any amount standing to the credit of the share premium account has become part of the Company's share capital.
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company's residual
assets.
Hong Kong Ferry (Holdings) Company Limited Annual Report 2014