TNAG-0809-FCO40-1014-Legislation-for-Crown-lands-in-Hong-Kong-1978 — Page 176

COMPANIES (AMENDMENT)

Ord. No. 51/78

A179

HONG KONG

L.S.

No. 51 OF 1978

I assent.

MURRAY MACLEHOSE,

Governor.

5th July, 1978.

An Ordinance to amend the Companies Ordinance and to make con-

sequential amendments to the Inland Revenue Ordinance.

[7th July, 1978]

Enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof.

1. This Ordinance may be cited as the Companies (Amendment) Short title. Ordinance 1978.

2.

Section 21 of the principal Ordinance is repealed and replaced Repeal and by the following—

"Power to dispense with "limited"

in name of charitable and other companies. 1948 c. 38, s. 19.

replacement of section 21.

21. (1) Where it is proved to the satisfaction of the (Cap. 32.) Registrar that an association about to be formed as a limited company is to be formed for promoting commerce, art, science, religion, charity or any other useful object, and intends to apply its profits, if any, or other income in promoting its objects, and to prohibit the payment of any dividend to its members, the Registrar may by licence direct that the association may be registered as a company with limited liability, without the addition of the word “Limited" to its name, and the association may be regis- tered accordingly and shall, on registration, enjoy all the privileges and (subject to the provisions of this section) be subject to all the obligations of limited companies.

(2) Where it is proved to the satisfaction of the Registrar-

(a) that the objects of a company registered under this Ordinance as a limited company are restricted to those specified in subsection (1) and to objects incidental or conducive thereto; and

(b) that by its constitution the company is required to apply its profits, if any, or other income in promoting its objects and is prohibited from pay- ing any dividend to its members,

the Registrar may by licence authorize the company to make by special resolution a change in its name including or consisting of the omission of the word "Limited", and subsections (4) and (5) of section 22 shall apply to a change of name under this subsection as they apply to a change of name under that section.

(3) A licence by the Registrar under this section may be granted on such conditions and subject to such regula-