XN000022-1996-07-22 — Page 7

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The total number of overseas companies which had established a place of business in Hong Kong under Part XI of the Companies Ordinance at the end of June 1996 was 4,523, an increase of 4.8% over the total number at the end of December 1995.

The number of new overseas companies registered during the first six months of 1996 was 324, an increase of 12.1% compared with the first six months of 1995.

The number of charges on the assets of companies registered in the first six months of 1996 decreased by 0.5% from 14,838 to 14,764 compared with the first six months of 1995; and the amount secured by those charges decreased by 12.8% from $35,629 million to $31,058 million.

The number of Certificates of Satisfaction, issued when charges are repaid, amounted to 9,605 in the first half year of 1996, an increase of 9.1% from the same period last year, while the amount of indebtedness released, showed a rise of 20.5% to $6,638 million.

During the period a total of 99 prospectuses, including 40 in respect of mutual funds, were registered compared with 80 prospectuses, including 45 in respect of mutual funds, during the corresponding period in 1995.

The number of documents received for filing during the first six months of 1996 compared with that for the same period in 1995 increased by 9.7% from 651,313 to 714,415 and the number of searches made by the public during the first six months of 1996 compared with that for the same period in 1995 decreased by 4.1% from 942,016 to 903,353.

The total number of summonses issued by the Registrar of Companies against companies and their directors for breaches of the Companies Ordinance, mainly for late filing of documents in the first six months of 1996 was 124, compared with 118 during the same period in 1995. 126 convictions were obtained in the period compared with 81 in the same period of 1995 and 16 cases remain to be heard by the court (47 in the same period of 1995).

The total amount of fines imposed for convictions in the first half year of 1996 was $2,421,285, compared with $1,301,760 in the corresponding period in 1995.

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