Secnod Schedule.
(Cmp. 155.)
Cap. 155.)
(Cap. 13)
(Cap. 1453
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(b) the issued share capital of the company is not less
than $1,000,000;
(c) in the case of a company having an issued share capital of $1,000,000 that capital is bona fide fully paid up for a cash consideration and, in the case of a company having an issued share capital exceeding $1,000,000 at least $1,000,000 of that capital is bona fide paid up for a cash consideration;
(d) the board of directors has been duly appointed in accordance with the articles of association of the company:
(e) the company has either-
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() deposited with the Accountant General in- vestments specified in the Second Schedule fotber than those specified in paragraphs 7, 14, 15, 17 and 19) to the value of not less than $500,000; or
(ii) deposited in the name of the Accountant General with a finance company that is a sub- sidiary of a bank licensed under section 7 of the Banking Ordinance a suma not less than $500,000 and lodged a receipt issued by the finance company for that amount with the Accbundant General;" and
( the company is able to meet its obligations, apart from its liability to its shareholders, without taking into account the investments or sum deposited under paragraph (2).
(3) For the purposes of subsection (2)
(o) "finance company" means a company whose principal business involves the receiving on deposit of money. whether repayable to depositors with or without in- terest or other consideration, and the lending of that money, or a substantial part of that money, la borrowers on terms that the money is repayable to the company or its nominee with interest or at a premium or with consideration in money or money's worth, but does not include a bank licenied under ibe Banking Ordinance;
(b) subsections (4), (5) and (6) of section 2 of the Com- panies Ordinance shall apply as if each reference in those subsectious to "a company" or "first-mentioned company" were read as a reference to a finance com- pany and as if each reference in those subsections to "another company" or "other company" were read að a reference to a bank licensed under section 7 of The Banking Ordinance.
(4) A trust company registered under this Ordinance before the dale of commencement of the Trustee (Amend- ment) Ordinance 1975 which has not previously complied with the requirements as to eligibility for registration as a Trust company as set out in subsection (2) of this section shall, within 6 months after that date, comply with those requirements to the satisfaction of the Registrar of Com- panies."
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3. Section 80 of the principal Ordinance is amended—
fal
in subsection (1) by deleting "the securities deposited by the company with the Accountant General under setion 77 shall be held by the Accountant General" and substituting the following- "the investments or the sum of money deposited under section 77 shall be held";
(b) in subsection (2)—–—–—
(i) by deleting "securities" and substituting “investments"; and (if) by inserting, after "deposit of", the following-
"investments (being investments contemplated by section 77(2)(2)} of^%;
(c) by deleting subsection (3) and substituting the following-
"(3) A trust company may, with the approval of the Accountant General and subject to such terms as he may specify-
(a) substitute-
(1) other investments contemplated by sub-para- graph (1) of paragraph (e) of section 77(2) for all or any of the investments deposited with the Accountant General under that sub-paragraph; or
(tì) a sum of money, as contemplated by sub- paragraph (8) of that paragraph, for the investments so deposited; or
(8) if the company has deposited a sum of money under sub-paragraph (11) of paragraph (e) of section 77(2), withdraw the sum and either-
(i) deposit it with another finance company; or (ii) substitute for the sum of money so withdrawn investments contemplated by sub-paragraph (1) of that paragraph.";
(d) by deleting subsection (4) and substituting the following-
"(4) All money accruing by way of dividends or interest in respect of investments deposited with the Accountant General or in respect of sums deposited with a finance com- pany under this Part shall be paid to the trust company which made the deposit.".
Amendment of min. 10.
Section 83 of the principal Ordinance is amended by inserting, Amendment of aflar subsection (5), the following new subsection—
"[6] Where any person entitled to apply for probate or letters of administration has authorized a trust company to apply for a grant in favour of the company under subsection (1) or subsection (2) and the court has subsequently made such a grant, alt property. functions, powers, authorities, discretions and rights vested in or conferred on that person by the will or by law shall, on the making of the grant and without conveyance or assignment or the execution of any other instrument, become vested in and exercisable by the company as fully and effectually as if it had been named as exécutor under the will.".
section lă.
♣ Section 98 of the principal Ordinance is amended by deleting sub- Amendment of section (4).
section 98.
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