MONDAY, JANUARY 12, 1987
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MR GLEESON SAID THAT NO SEPARATE STATISTICS WERE MAINTAINED ON HOW MANY OVERSEAS COMPANIES INCORPORATED LOCAL SUBSIDIARIES OR TOOK UP A MAJORITY SHAREHOLDING IN A HONG KONG COMPANY.
IN 1986, EXISTING COMPANIES INCREASED THEIR NOMINAL CAPITAL BY $17 079 MILLION, AN INCREASE OF 19 PER CENT OVER THE INCREASE OF $14 412 MILLION IN 1985. THE NOMINAL CAPITAL OF NEW COMPANIES INCORPORATED DURING THE YEAR DECREASED BY 8 PER CENT FROM $3 664 MILLION TO $3 356 MILLION.
THE TOTAL AMOUNT SECURED BY CHARGES REGISTERED ON THE ASSETS OF COMPANIES INCREASED BY 86 PER CENT FROM $30 455 MILLION TO $56 786 MILLION. THE AMOUNT REPAID ON CHARGES, AS EVIDENCED BY CERTIFICATES OF SATISFACTION, INCREASED BY 88 PER CENT FROM $6 123 MILLION TO $11 492 MILLION.
DURING THE YEAR, A TOTAL OF 106 PROSPECTUSES OF PUBLIC COMPANIES, INCLUDING 55 IN RESPECT OF MUTUAL FUNDS, WERE APPROVED AS AGAINST 117 PROSPECTUSES, INCLUDING 69 IN RESPECT OF MUTUAL FUNDS, DURING THE PREVIOUS YEAR.
THE TOTAL NUMBER OF COMPANY DOCUMENTS FILED FOR PUBILC RECORD UNDER THE COMPANIES ORDINANCE DURING THE YEAR INCREASED BY 3 PER CENT FROM 462 418 TO 477 912.
THE NUMBER OF APPLICATIONS FOR RESERVATION OF COMPANY NAMES DURING 1986 WAS 137 515 WHICH REPRESENTED AN 8 PER CENT DECREASE FROM 150 093 IN 1985.
THE TOTAL NUMBER OF SUMMONSES ISSUED BY THE REGISTRAR OF COMPANIES AGAINST COMPANIES AND THE IR DIRECTORS FOR BREACHES OF THE COMPANIES ORDINANCE, MAINLY FOR FAILURE TO FILE ANNUAL RETURNS WITH ACCOUNTS, IN 1986 WAS 366, COMPARED WITH 532 DURING 1985.
OF THESE, 124 WERE WITHDRAWN FOR REASONS SUCH AS NON-SERVICE, 233 RESULTED IN CONVICTIONS COMPARED WITH 338 IN 1985 AND 208 REMAINED TO BE HEARD BY THE COURT.
THE TOTAL AMOUNT OF FINES IMPOSED FOR CONVICTIONS IN 1986 WAS $477 923, COMPARED WITH $553 767 IN 1985.
AS A RESULT OF THE INTRODUCTION OF A NEW TYPE OF PART B REGISTRATION UNDER THE TRADE MARKS (AMENDMENT) ORDINANCE 1985 ON SEPTEMBER 1, THE TRADE MARKS REGISTRY RECORDED A NOTICEABLE INCREASE IN THE NUMBER OF APPLICATIONS RECEIVED 7 686 COMPARED WITH 6 966 THE PREVIOUS YEAR.
AT 3 120, THE NUMBER OF NEW TRADE MARKS REGISTERED WAS HIGHER THAN IN 1985, BRINGING THE TOTAL NUMBER OF TRADE MARKS REGISTERED TO 46 453.
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