21414
Jurisdiction
of Hongkong court and Supreme Court for
China in matters relating to Hongkong China companies.
*
Transfer of proceedings relating to Hongkong China companies.
Enforcement
in Colony of order of Supreme
Court for China.
Sections 35, 36 and 37 not
to apply to China companies.
Stamp duties on transfers of shares.
Probate and estate duty.
China companies to pay an annual fee.
No. 58 of 1911.
COMPANIES.
272.-(1) In all matters relating to a Hongkong China company, the jurisdiction of the court and the jurisdiction of the Supreme Court for China shall be concurrent and the said two courts shall in all respects be auxiliary to each other.
(2) Where any proceedings relating to a Hongkong China company, or for the winding-up of any such company, are commenced in the court and it appears that the principal part of such company's business is carried on within the limits of the China Orders in Council, or that for any other reason such proceedings might more conveniently be carried on within the limits of the said Orders in Council, the court may, of its own motion, or on the application of any party, make an order transferring the proceedings to the Supreme Court for China.
(3) The court shall enforce within the Colony any order or decree made by the Supreme Court for China in the course of any proceedings relating to a China company or to a Hongkong China company or for the winding-up of any such company in the same manner as if such order or decree had been made by the court.
273.-(1) Sections 35, 36, and 37 shall not apply in the case of China companies.
(2) An instrument of transfer of a share in a China company shall be exempt from stamp duty.
(3) No probate duty or estate duty shall be payable in respect of the share or other interest of a deceased member of a China company in such company.
(4) In lieu of the aforesaid duties, an annual fee for each calendar year at the rate of four cents for each hundred dollars of the paid-up capital of the company shall be paid in advance by every China company to the Colonial Treasurer of Hongkong on or before the 31st day of January in each year: Provided that where a company is placed on the
* As amended by No. 31 of 1915 and Law Rev. Ord., 1924.
* As amended by No. 31 of 1915, No. 12 of 1921 and Law Rev. Ord., 1924.