559
Chinese Language and Customs.
Some special provisions are introduced in order to meet the requirements of the Chinese language, and one provision is omitted on account of the expected attitude of the Chinese towards it. The following are the details :-
(a.) Chinese Names.-It is well known that Chinese individual and place names are of little use unless given in Chinese characters. The Bill requires that the Chinese characters of all Chinese names and addresses in the company's register of members, and in the annual summary, shall be given. Act, Sections 25, 26; Bill, Clauses 26, 27.
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(b.) Chinese Equivalent of “Limited Company ".-The Act requires all limited companies to use the word "limited" as part of their names, and forbids the use of the word by unincorporated persons. The regular Chinese equivalent of limited company is ** yau han kung st" (HRA). The Bill provides that any Chinese equivalent of its name which a limited company may use shall contain that expres- sion, and it penalises the use of the term by persons who have not been incorporated with limited liability. Act, Sections, 3, 4, 258, 274, 282; Bill, Clauses 4, 5, 236, 252, 260.
(c.) Banks, Half-Yearly Statement. Hitherto there has been no limitation in Hongkong on the size of partner- ships formed for the purpose of banking, and the English law on this subject is now being applied for the first time. Opposition is expected to this provision of the Bill, on account of the publicity which it will involve, and it has been decided as a concession to exempt banks from making the statement required by clause 108 of the Bill. Act. Section 108; Bill, Clause 108.
Necessary Changes.
Certain inevitable changes made in adapting the Act to Hongkong are given below:-
(a.) References to Scotland and Ireland are of course
omitted.
(b.) The provisions relating to the Stanneries are also, of
course, unnecessary.
(c.) Penalties are worked out at the rate of $10 to £1. (d.) Under both the Act and the Bill the memorandum and the articles must each bear an ordinary deed stamp. In England this is 10-, while in Hongkong it is $30. Act, Sections 6 and 12; Bill, Clauses 7 and 13. (e.) Under the Act the Companies Liquidation Account is to be kept at the Bank of England. Under the Bill it is to be kept at such bank as the Colonial Treasurer may direct.
Act, Sections 154, 224, 229; Bill.
148, 216.
(f.) Penal servitude was abolished in Hongkong by Ordin-
ance 3 of 1887. Act, Section 38; Bill, Clause 39. (g.) To remove doubt arising under a local Ordinance the time for appealing from orders made in a winding up is definitely stated to be 14 days. This is the time in England: see Or. 58, rr. 9 and 15. Act, Section 181; Bill, Clause 173.
(h.) In Hongkong no one but the Bailiffs of the Supreme Court can levy a distress for rent (Ordinance 1 of 1883), while in England distress is levied by a great number of certificated bailiffs. This has necessitated some change in Clause 199. Act, Section 209 (4); Bill, Clause 199 (4).
(i.) References to the Joint Stock Companies Acts entirely disappear because we have never had any correspond- ing Ordinances here. (Sections 13 (2), 246 and 248 of the Act.)
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