Portion of a lot, in which case the rents of all the sections are determined, or by a section owner, in which case the rent of his section only is deter- mined, the rent of the remainder of the lot being reduced correspondingly. Upon determination of the rent of a section the owner is deemed to hold the section as if a separate Crown lease for it had been granted to him at the determined rent.
Fees
65. The year was a landmark in the 123 year history of the Land Office in that for the first time the total fees collected in a year exceeded a million dollars. The total was $1,218,845.75, made up as follows:
Deeds registration and Miscellaneous Crown leases...
Apportionment of Crown rents
...
Consents to sale of units in uncompleted multi-storey
buildings
...
+
+
$1,125,190.00 13,254,75 3,401.00
77,000.00
$1,218,845.75
PART III
Companies Registration
COMPANIES REGISTRY
66. The Companies Ordinance (Cap. 32) is based on the Companies Act, 1929, formerly in force in Great Britain but now replaced by the Companies Act, 1948. Part I of Table XVI lists the various Ordinances and subordinate legislation now in force in the Colony relating to Companies.
67. Although for the fifth successive year the number of new companies incorporated in Hong Kong constituted a new record, the year's total of 1,251 was only 102 greater than the previous year whereas in each of the three preceding years the total advanced by over 200. As will be seen from Table IX the year's total was over two and a half times as great as that for 1959-60, only four years before. There can therefore be no doubt that the advantages of incorporation under the Companies Ordinance are now so well established that so long as business conditions remain good and the property market continues to boom a substantial number of new companies will be incorporated annually. Although many old businesses are still being converted into limited companies and there is still plenty of scope for this trend to continue, most of the
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