TNAG-1945-FCO40-2771-Hong-Kong-Companies-(Amendment)-(No.-3)-Ordinance-1988-(No.--1989 — Page 21

C706

COMPANIES (AMENDMENT) (NO. 3) BILL 1988

(b) by adding after subsection (3)--

"(3A) The debts specified in subsection (1)(d) shall have pri- ority over the debts specified in subsection (1)(e) and (ƒ).

(3AA) The debts specified in subsection (1)(e)—

(a) shall have priority over the debts specified in subsection

(1)(ƒ);

(b) shall rank equally among themselves; and

(c) shall be paid in full unless the assets are insufficient to meet them, in which case they shall abate in equal proportions among themselves.

(3AB) The debts specified in subsection (1)(ƒ)—

(a) shall rank equally among themselves; and

(b) shall be paid in full unless the assets are insufficient to meet them, in which case they shall abate in equal proportions among themselves.";

(c) in subsection (6) by adding after the definition of "accrued holiday

remuneration”-

26

"general business" means insurance business not being long term business as defined in section 2(1) of the Insurance Companies Ordinance (Cap. 41);

"insurer" means a person carrying on insurance business;"; and (d) by adding after subsection (8)—

“(9) The Companies (Amendment) (No. 3) Ordinance 1988 shall not apply in the case of a winding up where the date of the commencement of the winding up occurred before the commence- ment of that Ordinance, and, in such a case, the provisions relating to preferential payments which would have applied if that Ordin- ance had not been enacted shall be deemed to remain in full force.".

Investment of surplus funds on general account

10. Section 294(1) and (2) is repealed and the following substituted

"(1) Whenever the cash balance standing to the credit of the Companies Liquidation Account is in excess of the amount which in the opinion of the Official Receiver is required for the time being to answer demands in respect of companies' estates, he may invest in his name the whole or any part of such excess on fixed deposit or deposit at call with such bank as he thinks fit or in Government securities (including securities issued by the Government of the United Kingdom).

(2) When any part of the money placed on deposit or otherwise invested under subsection (1) is, in the opinion of the Official Receiver, required to answer any demands in respect of companies' estates, he shall raise such sum as may be required by the withdrawal of such part of any money placed on deposit or by sale of such part of the securities referred to in subsection (1), as may be necessary.".

i.

COMPANIES (AMENDMENT) (NO. 3) BILL 1988

C707

pection, production and evidence of

uocuments kept by Registrar

11. Section 305(3) is amended by repealing "evidence as of equal validity with the original document." and substituting-

"evidence-

(a) as of equal validity with the original document; and

(b) on its production without further proof,

and, until the contrary is proved, the court before which such copy or extract is produced shall presume—

(i) that the document is certified by the Registrar; and

(ii) that the document is a true copy of or extract from the original

document.".

Documents etc. to be delivered to Registrar by

oversea companies which establish a

place of business in Hong Kong

12. Section 333 is amended-

(a) in subsection (1)(e), by adding "subject to subsection (1A)," before "a

certified copy"; and

(b) by adding after subsection (1)—-

"(1A) Where it is shown to the satisfaction of the Registrar that it is not the practice under the law of the place where an oversea company purports to be incorporated to issue a certificate of incorporation, the company may, instead of delivering a copy of its certificate of incorporation as required by subsection (1)(e), within 1 month of the establishment of its place of business in Hong Kong, deliver to the Registrar for registration such other evidence of incorporation as the Registrar deems sufficient.".

Table of fees to be paid to the Registrar of Companies

13. The Eighth Schedule is amended---

(a) in Part I(e), by repealing sub-paragraphs (i) and (ii) and substituting— "(i) if delivered within 42 days after the annual general meeting

$ 50

(ii) if delivered more than 42 days after but within 3 months after the annual general meeting

$ 500

(iii) if delivered more than 3 months after but within 6 months after the annual general meeting .

$1,000

$1,500";

(iv) if delivered more than 6 months after the annual general meeting

(b) by adding at the end thereof—

and

"V.--MISCELLANEOUS FEES

(a) For an application under section 20A(1) (b) For an application under section 20A(4)

$ 30

$ 15".