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chosen.
-3-
(b.) The Chinese characters formerly prescribed were badly
(c.) The former penalty clause for section 64 refereed
only to sub-section (1) (a) of the section. The new sub-section
is general.
(d.) This amendment is consequential on the above amend-
ments.
9.
Section 9.
-
It seems unnecessary to require private companies
to lay profit and loss accounts, balance sheets and reports before
a general meeting, or to require them to circulate balance sheets
and reports to the members. Section 27 of the principal Ordinance.
expressly provides that private companies need not file profit and
losa accounts and balance sheets.
10. Section 10. The amendment prevents a company, which has never
been capable of doing any business, from remaining on the register
for more than one year.
It is considered that no useful purpose
is served by keeping on the register a company which fails to com-
mence business within a year of its incorporation.
11. Section 11.
-
In the absence of these particulars it is prac-
tically impossible to trace Chinese owners of shares, the result
being that they scape from any liability which may attach to their
shares.
12. Section 12.- A prescribed form is unnecessary. It is more
convenient that the verification should be to the satisfaction of
the Registrar of Companies.
13.
Section 13.- This gives the Governor in Council power to alter
or add to any of the forms or fees in the schedules to the princi-
pal Ordinance, subject to the disapproval of the Legislative
Council.
14.
Section 14.- The duties of the Official Receiver are not
confined to the case of winding up by the court.