he considers such incorporation expedient, grant a certificate of incor- poration, whereupon the trustees and their successors in office become a body corporate with the name set forth in the certificate and have perpetual succession. 'Body of persons' is defined as meaning
'(a) any community of persons bound together by custom, religion,
kinship, nationality or regional or local interests; or
(b) any body or association of persons established for any chari- table purpose within the meaning of section 2 of the Charities (Land Acquisition) Ordinance, 1958,
the objects of which in either case do not involve the acquisition of gain by such community of persons or body or association of persons or its individual members, as the case may be.'
During the year two certificates of incorporation were granted. Only five certificates of incorporation have so far been granted under this Ordinance.
Authorized Auditors Board
38. The Authorized Auditors Board constituted under Section 131A of the Companies Ordinance is composed of ten members, namely, the Registrar of Companies (Chairman), the Accountant General and the Commissioner of Inland Revenue as ex officio members, a Legal Adviser, and six other members appointed by the Governor, of whom five are practising accountants.
39. The Board inquires into the professional qualifications, ex- perience, competency and character of all applicants for admission to the Authorized List of Auditors kept by the Registrar of Companies under Section 131(3)(a). This List is in two parts, Part I containing the names of persons authorized to audit accounts kept in English, Part II the names of those authorized to audit accounts kept in Chinese. The Board conducts examinations for admission to Part II of the List. The examination is divided into an oral and a written examination, and every candidate must pass the oral before he can take the written examination. The Board may also sit as a disciplinary tribunal, having power to issue a reprimand or order the removal of the name of an auditor from the List.
40. During the year the Board inquired into and approved the applications of eleven auditors and nine auditing firms for admission to Part I, and of nine auditors and seven auditing firms for admission to Part II, of the Authorized List. At the end of the year there were 92 individuals and 28 firms on Part I of the List and 75 individuals and
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