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aside for the purpose of its being used to prevent undue fluctua- tions in charges for taxation,
and in this paragraph the expression "lability" shall include all liabilities in respect of expenditure contracted for and all disputed or contingent liabilities.
(2) Where-
(a) any amount written off or relained by way of providing for depreciation, renewals or diminution in value of assets, not being an amoudl written off in relation to fixed assets before 1st October 1975; or
(6) any amount retained by way of providing for any known
liability,
is in excess of that which in the opinion of the directors is reasonably necessary for the purpose, the excess shall be treated for the purposes of this Schedule as a reserve and not as a provision.
31. For the purposes aforesaid.—
(a) the expression "quoted investment" means an investment as respects which there has been granted a quotation or permission to deal on a recognized stock exchange, or on any stock exchange of repute outside Hong Kong, and the expression "unquoted investment” shall be construed accordingly,
(b) the expression "lease" includes an agreement for a lease;
(c) in relation to land in Hong Kong-
(i) the expression "long lease" means a lease in the case of which either-
(A) the portion of the term for which it was granted remaining unexpired at the end of the financial year is not less than fifty years, or
(B) if the lease is a renewable Crown lease, the portion of the said term remaining uncapired at the said date when added to the term for which the lessee is entitled to renew the lease amounts lo a period of not less than fifty years from the said dale;
(ii) the expression "medium-term lease" means a lease in the case of which either-
(A) the portion of the term for which it was granted remaining unexpired at the end of the financial year is less than fifty years but not less than ten years, or
(8) if the lease is a renewable Crown lease, the portion of the said term remaining unexpired at the said date when added to the term for which the lessee la entitled to renew the lease amounts to a period of less than fifty years but not less than ten years from the said date;
(ii) the expression "short lease" means a lease which is not a long or a medium-lçrm lease;
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(d) in relation to land outside Hong Kong-
(i) the expression "long lease" means a lease in the case of which the portion of the term for which it was granted remain- ing unexpired at the end of the financial year is not less than fifty years,
(ii) the expression "medium-term lease" means a lease in the case of which the portion of the term for which it was granted remaining unexpired at the end of the financial year is less than fifty years but not less than ten years,
(iii) the expression "short legso" means a lease which is not a long or a medium-term lease;
(e) a loan skull be deemed to fall due for repayment, and an instalment of a loan shall be deemed to fall due for payment, on the earliest date on which the lender could require repayment or, as the case may be, payment if he exercised all options and rights available to him.
1.
ELEVENTH SCHEDULE
ACCOUNTS
Preliminary
This Schedule has offect in addition to the provisions of sections 161 10 161C of this Ordinance.
器 The authorized share capital, issued share capital, liabilities and assets shall be summarized, with such particulars as are necessary to disclose the general nature of the assets and liabilities, and there shall be specified-
(u) any part of the issued capital that consists of redeemable prefer- ence shares, the earliest and latest dates on which the company has power to redeem those shares, whether those shares must be redeemed in any event or are liable to be redeemed at the option of the company and whether any (and, if so, what premium is payable on redemption;
(6) so far as the information is not given in the profit and loss account, any share capital on which interest has been paid out of capital during the financial year, and the rate at which interest has been so paid:
(c) the amount of the share premium account;
(d) particulars of any redeemed debentures which the company has
power to reissue,
3.
There shall be stated under separate headings, so far as they are not written off,—
(a) the preliminary expenses;