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Short title.

Ord. No. 10/87

COMPANIES (AMENDMENT)

HONG KONG

No. 10 or 1987

L.S.

I assent.

David AKERS-JONES, Acting Governor. 19 February 1987

An Ordinance to amend the Companies Ordinance.

[20 February 1987]

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) Ordinance 1987.

Amendment of section 2.

2.

Section 2(1) of the principal Ordinance is amended-

(Cap. 32.)

Amendment of section 79.

(a) by deleting the definition of "recognized stock exchange"; and (b) by inserting, after the definition of "the time of the opening of the

subscription lists", the following--

(Cap. 361.)

3.

""Unified Exchange" means the Unified Exchange estab- lished under section 27 of the Stock Exchanges Unifica- tion Ordinance;".

Section 79(1) of the principal Ordinance is amended by deleting "by a floating charge" and substituting the following-

Amendment of section 122.

4.

"by a charge which, as created, was a floating charge".

Section 122 of the principal Ordinance is amended—

(a) by deleting subsection (1) and substituting the following—

"(1) Subject to subsection (1B), the directors of every company shall lay before the company at its annual general meeting a profit and loss account or, in the case of a company not trading for profit, an income and expenditure account for the period, in the case of the first account, since the incor-

COMPANIES (AMENDMENT)

Ord. No. 10/87

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poration of the company, and, in any other case, since the preceding account.

(1A) The acccounts referred to in subsection (1) shall be made up to a date falling not more than 6 months,

or, in the case of a private company (other than a private company which at any time during the period to which the said accounts relate was a member of a group of companies of which a company other than a private company was a member) and a company limited by guarantee not more than 9 months, before the date of the meeting.

(IB) The court, if for any reason it thinks fit so to do, may in the case of any company and with respect to any year-

(a) substitute for the requirement in subsection (1) to lay a profit and loss account or (as the case may be) an income and expenditure account before the com- pany at its annual general meeting a requirement to lay such account before the company at such other general meeting of the company as the court may specify; and

(b) extend the periods of 6 and 9 months referred to in

subsection (1A).”; and

(b) in subsection (2) by deleting “in general meeting" and substituting

the following

5.

"at its annual general meeting or at such other general meeting of the company as may be specified by the court under subsection (1A)".

Section 145 of the principal Ordinance is amended- (a) by inserting, after subsection (1), the following-

"(1A) If an inspector considers that a person other than an officer or agent of the company or other body corporate is or may be in possession of any information concerning its affairs, he may require that person to produce to him any books or documents in his custody or power relating to the company or other body corporate, to attend before him and otherwise to give him all assistance in connexion with the investigation which he is reasonably able to give; and it shall be the duty of that person to comply with the requirement.”;

(b) by deleting subsection (2) and substituting the following—

"(2) An inspector may examine on oath the officers and agents of the company or other body corporate, and any such person as is mentioned in subsection (1Â), in relation to the affairs of the company or other body, and may administer an oath accordingly.";

(c) in subsection (3), by inserting after "body corporate", where it first

occurs, the following-

2

or any such person as is mentioned in subsection (1A),”;

Amendment of section 145.

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