CO129-468 - Governor Sir Stubbs - 1921 [6-8] — Page 310

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chosen.

-3-

(b.) The Chinese characters formerly prescribed were badly

(c.) The former penalty clause for section 64 refereed

only to sub-section (1) (a) of the section. The new sub-section

is general.

(d.) This amendment is consequential on the above amend-

ments.

9.

Section 9.

-

It seems unnecessary to require private companies

to lay profit and loss accounts, balance sheets and reports before

a general meeting, or to require them to circulate balance sheets

and reports to the members. Section 27 of the principal Ordinance.

expressly provides that private companies need not file profit and

losa accounts and balance sheets.

10. Section 10. The amendment prevents a company, which has never

been capable of doing any business, from remaining on the register

for more than one year.

It is considered that no useful purpose

is served by keeping on the register a company which fails to com-

mence business within a year of its incorporation.

11. Section 11.

-

In the absence of these particulars it is prac-

tically impossible to trace Chinese owners of shares, the result

being that they scape from any liability which may attach to their

shares.

12. Section 12.- A prescribed form is unnecessary. It is more

convenient that the verification should be to the satisfaction of

the Registrar of Companies.

13.

Section 13.- This gives the Governor in Council power to alter

or add to any of the forms or fees in the schedules to the princi-

pal Ordinance, subject to the disapproval of the Legislative

Council.

14.

Section 14.- The duties of the Official Receiver are not

confined to the case of winding up by the court.