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MONDAY, APRIL 25, 1994
NEW ARRANGEMENT FOR COMPANIES TO FILE ANNUAL RETURNS
ALL PRIVATE COMPANIES HAVING A SHARE CAPITAL HAVE TO FILE THEIR ANNUAL RETURNS WITH THE COMPANIES REGISTRY WITHIN 42 DAYS OF THE ANNIVERSARIES OF THE DATES OF THEIR INCORPORATION WITH EFFECT FROM FRIDAY (APRIL 29).
AT PRESENT, THEY ARE REQUIRED TO FILE A COPY OF THE ANNUAL RETURN WITHIN 42 DAYS OF THEIR ANNUAL GENERAL MEETING.
THE REGISTRAR OF COMPANIES, MR GORDON JONES, EXPLAINED THAT BECAUSE MOST. COMPANIES HELD THEIR ANNUAL GENERAL MEETINGS AROUND THE END OF EACH CALENDAR YEAR, THERE WOULD BE A SUDDEN AND HEAVY INFLUX OF ANNUAL RETURNS DURING JANUARY AND FEBRUARY.
**THIS CAUSES SERIOUS OPERATIONAL PROBLEMS FOR THE COMPANIES REGISTRY AND BRINGS INCONVENIENCE TO THE PUBLIC, HE SAID.
"THE NEW ARRANGEMENT WILL ENABLE A MORK EVEN AND MANAGEABLE FLOW OF ANNUAL RETURNS, HE ADDED.
*
THIS IS BECAUSE THE ANNIVERSARIES ARE, IN GENERAL, MORE EVENLY SPREAD THROUGHOUT THE YEAR.
FROM FRIDAY (APRIL 29), ALL LISTED COMPANIES WILL BE REQUIRED TO GIVE DETAILS IN THEIR REGISTERS OF ALL DIRECTORSHIPS HELD BY THEIR DIRECTORS IN RESPECT OF COMPANIES THAT ARE INCORPORATED IN HONG KONG OR OVERSEAS BUT REGISTERED IN HONG KONG.
MR JONES SAID TRANSITIONAL PROVISIONS WERE ALSO INTRODUCED TO REQUIRE LISTED COMPANIES INCORPORATED OR REGISTERED IN HONG KONG BEFORE APRIL 29 TO SUPPLY TO THE REGISTRAR OF COMPANIES THE RELEVANT DETAILS OF THEIR DIRECTORS, IN THE PRESCRIBED FORM, WITHIN THREE MONTHS FROM APRIL 29.
"ALLOWING TIME TO COLLATE DATA COLLECTED, I HOPE THAT A COMPUTERISED DIRECTORS' INDEX FOR ALL LISTED COMPANIES WILL BE AVAILABLE FOR PUBLIC SEARCH BY THIS AUTUMN, HE SAID.
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AMENDMENTS TO THE COMPANIES ORDINANCE ARE ALSO MADE TO BRING THE CONTENTS AND FORM OF ANNUAL RETURN AND ANNUAL REGISTRATION FRES IN LINE WITH THE NEW ARRANGEMENTS COVERING ANNUAL RETURNS.
MR JONES SAID TRANSITIONAL ARRANGEMENTS WERE IN PLACE TO ENSURE THAT ANY DISRUPTION TO COMPANIES' FAMILIAR REPORTING CYCLES WAS
MINIMISED.
SECTIONS 4
5.
11 18.
(AMENDMENT}
21 AND 22 OF THE COMPANIES (NO. 2) ORDINANCE 1993 WHICH GIVE FFFFCT TO THESE NEW REQUIREMENTS WILL TAKE EFFECT ON APRIL 29.
MR JONES CLARIFIED THAT UNLISTED COMPANIES WERE NOT REQUIRED TO FILE ANY RETURN STATING THE ADDITIONAL PARTICULARS OF THEIR DIRECTORS.
CONSEQUENTLY, THESE COMPANIES WOULD BE EXPECTED TO FURNISH THE ADDITIONAL INFORMATION IN THE NEXT ANNUAL RETURN TO BE FILED.
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