1976-HKRS28-16-24_Part05 — Page 29

Amendment DË

econd 267.

5.

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(6) the Official Receiver reports to the court,

that the property of the company is not likely to exceed in value $10,000, the court may make an order that the com- pany be wound up in a summary manner, and thereupon the provisions of this Ordinance shall apply subject to "the following modifications-

(1) the Official Receiver shall be the liquidator; (ii) there shall be no committee of inspection, and the Official Receiver may do all things which may be done by a liquidator with the sanction of a com- mittee of inspection;

d

(ii) such other modifcations as may be prescribed with a view to saving expense and amplifying procedure,

(2) The court may, upon the application of the Official Receiver, at any time before the dissolution of the company rescind an order made under subsection (1) and thereupon the winding up shall proceed as if the order had not been raade.”.

Section 267 of the principal Ordinance is amended-

(a) by deleting "within 6 months” and substituling the following

"within 12 months": and

(B) by deleting "rate of 5 per cent per annum." and substituting the

following-

6.

"rate specified in the charge or at the rate of 12 per cent per annum whichever is the less.".

Part I of the Eighth Schedule to the principal Ordinance in

Amendment of Elsbuk Sebedule, amended-

(2) in paragraph (b) by inserting after "before such increase" the

following-

"Provided that no additional fee shall be payable under this sub-paragraph by a company which has paid the ad- ditional fee under paragraph (ba)":

(b) in paragraph (ba) by inserting after "unissued" the following-

"as at the date of payment of this fee"; and

(e) in paragraph (c)(1) by deleting "has increased its nominal share capital and paid the additional fee under paragraph (5);" and substituting the following-

"has paid the additional fee under paragraph (b) or (ba};".

Passed by the Hong Kong Legislative Council this 22nd day of December, 1976.

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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,

Clerk to the Legislative Council.