216
LAW, ORDER AND RECORDS
the year 41 foreign companies established places of business in the Colony and registered the documents required under the Ordinance, while 24 foreign companies ceased operation. By the end of the year there were 441 foreign companies registered as compared with 424 in 1960. Many foreign companies incorporate subsidiaries in Hong Kong in preference to operating a branch office.
Insurance companies, local and foreign, which desire to transact life, or fire and marine insurance business in Hong Kong must comply with the provisions of the Life Insurance and Fire and Marine Insurance Companies Ordinances respectively. In addition to the filing of annual accounts, these Ordinances require deposits to be made with the Registrar of Companies unless the company qualifies for exemption by reason of its complying with the Insurance Companies Act, 1958, in Great Britain or, in the case of fire and marine insurance, maintaining similar deposits else- where in the Commonwealth. Arising out of the Colony's great commercial, shipping and industrial interests an immense amount of insurance business is transacted annually, and there are alto- gether 187 companies engaged in the various classes of business mentioned above. The approval of the Governor in Council must be obtained for transacting motor vehicle third party insurance business.
=
The Registrar of Companies keeps a list of all persons and firms authorized for appointment as auditors of locally incorporated companies. The list is in two parts, Part I containing auditors authorized to audit accounts kept in English, and Part II those authorized to audit accounts kept in Chinese. On 31st December 1961 there were 144 names (including 31 firms) in Part I and 113 names (including 24 firms) in Part II.
The Companies Registry also deals with the incorporation of trustees under the Registered Trustees Incorporation Ordinance, 1958, and with the registration of limited partnerships, Chinese partnerships, and money-lenders.
Trade Marks and Patents. Registration of Trade Marks is regu- lated by the Trade Marks Ordinance, 1954, which is based on the United Kingdom Trade Marks Act, 1938. The procedure is laid down in the Trade Marks Rules, 1954, and the prescribed forms can be obtained without charge from the Registrar of Trade Marks, Registrar General's Department. Registrations are valid for seven