Transitional provisions.
(Cap. 32.)
Appointment of first Council members.
(Cap. 32)
Consequcatial amendments to Cap. 32.
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(c) the professional accountant is indebted to the Society.
50. Notwithstanding the provisions of this Ordinance a person whose name appears, at the commencement of this Ordinance, in the authorized list of auditors kept under section 131(3) of the Companies Ordinance. may for six months from the com- mencement of this Ordinance perform the duties required by the Companies Ordinance to be performed by an auditor.
51. (1) Notwithstanding section 10(2)(c), on the commence- ment of this Ordinance the Governor shall appoint as the first members of the Council ten persons who are members of an approved institute and whose names then appear in the authorized list kept under section 131(3) of the Companies Ordinance.
(2) The members appointed under subsection (1) shall hold office until the election of members of the Council at the first annual general meeting of the Society, and shall be eligible for clection at that meeting.
(3) The members appointed under subsection (1) sball elect from their number a President and a Vice-President.
(4) The first meeting of the first Council shall be held on a date at a time appointed by the Governor by notice in the Gazette.
52. (1) Sections 131(3), 132, 133, 134, 135, 136, 137, 138 and 139 of the Companies Ordinance are repealed.
(2) The Authorized Auditors List (Admission) Rules, the Authorized Auditors (Disciplinary Inquiry Proceedings) Rules and the Authorized Auditors (Appeals) Rules are revoked.
(3) Notwithstanding subsections (1) and (2), the provisions of the Companies Ordinance referred to in subsection (1) and the Authorized Auditors (Disciplinary) Inquiry Proceedings) Rules and the Authorized Auditors (Appeals) Rules shall continue to apply in respect of anything done or suffered or omitted to be done, before the commencement of this Ordinance, by any person whose name appears at the commencement of this Ordinance in Part I or Part II of the authorized list kept under section 131(3) of the Companies Ordinance as if this Ordinance had not been enacted.
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The Institute of Chartered Accountants in England and Wales The Institute of Chartered Accountants in Treland
The Institute of Chartered Accountants of Scotland
The Institute of Cost and Management Accountants
The Institute of Municipal Treasurers and Accountants.
Passed by the Hong Kong Legislative Council this 15th day of November, 1972.
Clerk to the Legislative Council,
This printed impression has been carefully compared by me with the bill, and is found by me to be a true and correctly printed copy of the said bill.
Clerk to the Legislative Council.
SCHEDULE
APPROVED INSTITUTÉS
The Association of Certified Accountants
The Australian Society of Accountants
The Institute of Chartered Accountants in Australia
[ss. 2 & 47.]
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