291
No. 32-25.2.36.-3.]
A BILL
INTITULED
An Ordinance to amend further the Companies Ordinance,
1932.
BE it enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows:-
1. This Ordinance may be cited as the Companies Short title. Amendment Ordinance, 1936.
paragraphs
2. Sub-section (2) of section 19 of the Companies New Ordinance, 1932, is amended by the addition of the following two paragraphs at the end thereof:---
(e) contains the words "Savings";
(f) contains the word "Trust" or "Trustee".
(e) and ()
added to Ordinance No. 39 of 1932, s. 19 (2).
added to
3. Section 251 (1) of the Companies Ordinance, 1932, as New para- amended by section 5 of the Companies Amendment Ordin- graph (d) ance, 1933, is further amended by the addition of the follow- Ordinance ing paragraph at the end thereof:--
No. 39 of 1932, s. 251 (1) as
amended by
f
Ordinance
(d) in the case of a China Company or of a Hong Kong China Company, all local rates due from the company to any municipality within the hmits of the China Orders in Council 1933, s. 5. at the relevant date, and having become due and payable within twelve months next before that date.
Objects and Reasons.
1. The object of Clause 2 of this Bill is to add two new paragraphs to section 19 (2) of the principal Ordinance, which will have the effect of preventing a company being registered bv a
name containing the word "Savings" or the word "Trust" or "Trustee" unless the consent of the Governor to such registration has been obtained.
2. At present there is nothing to prevent an association registering with the name "Savings Bank" or "Savings Society" without any intention of conducting its business on the principles governing Trustee Savings Banks in England.
3. Similarly, although there is statutory provision in Part VIII of the Trustee Ordinance, No. 18 of 1934, for the registration subject to certain conditions of any public company as a Trust Company, there is at present nothing to prevent a company which does not comply with those conditions using the word "Trust" or "Trustee' in its name and thereby suggesting that it is registered as such.
4. Section 251 (1) of the principal Companies Ordinance, No. 39 of 1932, contained a paragraph which provided that in a winding up all local rates due from the company at the relevant date, and having, become due and payable within twelve months next before that date should be given a certain priority.