17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 112

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are not such as can be conveniently performed by the Governor, but where a higher, or a more judicial, authority than the Official Receiver seemed desirable, "Court" has been adopted. In one case, which relates to the making of rules, the power has been given to the Legislative Council, and in another, which is only a matter of registration, “Registrar of Companies" has been chosen.

Rules-Fees Tables-Forms.

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The provisions of the Act and of the Bill are compared under the following heads :-

(a.) Fee for search by non-members of a company's registers of members and mortgages.—In the Act the fee is 1-, and in the Bill it is 50 cents, which is the present fee for search of the register of members. Act, Sections 30 & 101; Bill, Clauses 31 & 102.

(b.) Fee for copies supplied by a company.--In the Act the fee is sixpence per hundred words, and in the Bill it is 25 cents per folio, which is the present fee for copies of the register of members. Act, Sections 30 & 102; Bill, Clauses 31 & 103.

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(c) Fee for search in the office of the registrar of companies.--

The Act provides for the payment of such fees as may be appointed by the Board of Trade, not exceed- ing one shilling for each inspection". The Bill fixes it at $1.00, which is the present fee. Act, Section. 243 (6); Bill, Clause 223 (5).

(d.) Fees for copies supplied by the registrar of companies.— The Act provides for fees not exceeding 5- for a certificate of incorporation and not exceeding sixpence per folio for a copy of any other document. The Bill fixes the fees at $5.00 and 40 cents per folio respective- ly, which are the present fees. Act, Section 243 (6) ; Bill, Clause 223 (5).

(e.) Fees on registration of a company and on registration of

an increase of capital. --These are set out in Table B in the First Schedule both in the Act and in the Bill. Table B in the Bill simply re-enacts Table B of the present Companies Ordinance, 1865, which contains the fees chargeable here at present. Our scale is a little higher than the scale in the Act, so far as it goes, but it stops at a maximum of $300 while the English scale goes up to £50. To look only at Table B, how- ever, would be to obtain a very misleading comparison between the fees payable on the registration of a com- pany in England and Hongkong respectively, for in England there is payable in addition a Capital Duty of 5- per £100 of capital, and there is no limit upon this duty. It was imposed by the Finance Act, 1899, s. 7, and has no counterpart in Hongkong. The re- sult is that in all but the very smallest companies our registration fees are far lower than the English fees. For instance, in the case of a company with a capital of $500,000 our feo is $224 while in England it would be £127-10-0, or say $1,500. For present purposes I have disregarded such fees as do not vary with the amount of the capital.

The fees in Table B of the Act may be lowered, but may not be increased, by the Board of Trade (Sections 118 & 244). Similarly, those in Table B of the Bill may be lowered, but may not be increased, by the Governor (Clauses 118 & 224).

(f.) Fee for registration of documents.-This is 5-under the Act, and $3, the present fee, under the Bill. Act, Section 274 and Table B; Bill, Clause 252 and Table B. (g.) Stamps on memorandum and articles.-Both the Act and the Bill require that the memorandum and the articles shall each bear the same stamp as if it were a deed. In England the general deed stamp is 10/-, and in Hongkong it is $30. Act, Sections 6 and 12; Bill, Clauses 7 and 13.