COMPANIES.
No. 58 of 1911.
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register at Shanghai after the 1st day of January in any given calendar year a proportionate part only of the said fee shall be payable in respect of the period from the date of its being so placed on the register at Shanghai to the 31st day of December next following.
Fee.
(5) If any company hereafter transferred from the register in Hongkong to the register at Shanghai shall at the date of such transfer be the holder of an unexpired local register licence under this Ordinance, a proportionate part of the licence fee in respect of the unexpired portion of the period covered by such licence shall, if previously paid by such company, be refunded to the company by the Colonial Treasurer of Hongkong within one month of the receipt by him of proof to his satisfaction that the fee referred to in sub-section (4) has been paid to the Registrar of Companies at Shanghai in respect of the period for which the refund is claimed.
(6) If any company makes default in complying with the provisions of sub-section (4), it shall be liable to a penalty not exceeding fifty dollars for every day during which the default continues, and every director, officer and agent of the company who knowingly or wilfully authorises or permits the default shall be liable to the like penalty.
274.-(1) No person other than a British subject resident within the limits of the China (Companies) Amendment Order in Council, 1919, shall act as managing director or in any position similar to that of managing director, or shall otherwise exercise general or substantial control of the business of a China company.
(2) If default is made in compliance with this section, the company shall be liable to a fine not exceeding fifty dollars for every day during which the default continues, and every director and every manager of the company who knowingly authorises or permits the default shall be liable to the like penalty.
(3) Failure to comply with the provisions of this section shall be a ground upon which an order for winding up the company may be made by the court.
* As amended by No. 12 of 1921 and Law Rev. Ord., 1921.
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