TNAG-1645-FCO40-2292-Company-law-reform-in-Hong-Kong-Companies-(Amendment)-(No.-2-1987 — Page 98

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of the declaration should be treated as the

commencement of the winding up. The

provisional liquidator should be protected by

statute in relation to all acts properly done

by him and should be entitled, out of the

company's funds, to adequate remuneration

and to reimbursement of all expenses properly

incurred;

(s) if the proposals outlined in (r) above are

adopted, provision for voluntary winding up

by extraordinary resolution (as opposed to

special resolution) will, in our view, no

longer be necessary as the power of providing

immediate interim protection by the appointment

of the provisional liquidator will more than

offset any disadvantage there might otherwise

be in the additional week's notice required

for a special resolution. Accordingly no

exception need be provided to our general

recommendation, made elsewhere in this Report,

that extraordinary resolutions should be

abolished.

However section 133(3) which,

inter alia, permits a meeting to consider

a special resolution to be called by shorter

notice than twenty-one days should be amended

to preclude, in any circumstances other than

a members' voluntary winding up, the calling

of a meeting to consider a special resolution

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