only if the owner is bound by agreement to surrender the street to the Crown free of cost. In such a case the designated authority may give notice in the Gazette declaring the private street to be a public street, and a copy of the notice must be registered in the Land Office.
198. The Administration of Justice (Miscellaneous Amendments) Ordinance 1973 contains provisions enabling the Court to appoint a receiver by way of equitable execution in respect of land and interests in land, and a new section which empowers the Court to impose a charge on the land of a judgment debtor to secure the payment of money due. Such a charge may be registered under the Land Registra- tion Ordinance. Amendments consequential upon the new provisions regarding charging orders were made to the Bankruptcy Ordinance and the Companies Ordinance.
Companies
199. The Chit-Fund Businesses (Prohibition) Ordinance 1972 was enacted to prohibit the operation of chit-fund businesses in the Colony, although chit-funds which were already in operation on 1st December 1971 were allowed to continue operations provided particulars of the funds were filed with the Registrar of Companies on or before the 12th June 1972. Such chit-funds must however be wound up by 31st December 1973. The Ordinance provides that a company which has as one of its objects the operation of chit-funds shall not be registered under the Companies Ordinance, and the Registrar of Companies is given certain powers to strike the name of a chit-fund company off the register pursuant to section 291(6) of the Companies Ordinance.
200. The Professional Accountants Ordinance 1972, which came into operation on 1st January 1973, provides for the registration of accoun- tants and the regulation of their professional practice and conduct. The Ordinance establishes as a body corporate the Hong Kong Society of Accountants, and contains provisions prohibiting unregistered persons from practising public accountancy. There are provisions for the registration with the Registrar General of certain documents relating to the Society's address and the appointment of its Registrar. An important effect of the Ordinance upon the duties of the Department is that by section 52 the sections of the Companies Ordinance relating to the functions of the Authorized Auditors Board, of which the Registrar of Companies was Chairman, were repealed, and the relevant subsidiary legislation was revoked. The Ordinance contains certain
61