193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 56

Ordinances Nos. 11 of 1907, Ordinance No. 32 of 1917.

Appoint- ment and

remunera-

tion of auditors.

19 & 20 Geo.

5, c. 23,

s. 132.

1582

(4) If default is made in complying with this section, the company and every director and manager of the company who knowingly and wilfully authorises or permits the default shall be liable to a fine not exceeding fifty dollars for every day during which the default continues.

(5) For the purposes of this Ordinance a company which carries on the business of insurance in common with any other business or businesses shall be deemed to be an insurance company,

(6) This section shall not apply to any insurance company to which the provisions of the Life Insurance Companies Ordinance, 1907, or the Fire and Marine Insurance Companies Deposit Ordinance, 1917, apply, if the company complies with those provisions.

131.-(1) Every company shall at each annual general meeting appoint an auditor or auditors to hold office until the next annual general meeting.

(2) If an appointment of auditors is not made at an annual general meeting, the Court may, on the application of any member of the company, appoint an auditor of the company for the current year.

(3) The Clerk of Councils shall publish annually by notification in the Gazette a list in two parts containing the names of all persons who are authorised by the Governor in Council to perform the duties required by this Ordinance to be performed by an auditor. The Clerk of Councils shall from time to time similarly publish the names of persons added to or removed from any part of the last pub- lished annual list by order of the Governor in Coun cil. The last published annual list as so amended shall be deemed the current authorised list. The Governor in Council shall not order the insertion of the name of any person in any part of any such list unless he deems him in all respects fit and suitable to be authorised. The Governor in Council may by order remove the name of any authorised auditor who has ceased to practice in the Colony or within the limits of the China Orders in Council; he may also on any ground which he may deem sufficient, remove the name of any person he may consider unfit or unsuitable to continue to be authorised; but in such last mentioned case notice shall be given, if practicable, to the person whose name it is proposed to remove and he shall be entitled to be heard by the Governor in Council either in person or by counsel, before such removal is made. The first part of the current authorised list shall contain the mines of persons authorised to audit accounts kept in English; and the second part shall contain the names of persons authorised to audit accounts kept in Chinese, Where the accounts of a company are kept in English, no person shall be appointed auditor unless his name appears in the first part of the current authorised list, and where the accounts of a company are kept in Chinese, no person shall be appointed auditor unless his name appears in the second part of the current authorised list. Every company which keeps its accounts partly in English and partly in Chinese shall have its accounts audited as to that part which is kept in English by a person whose name appears in the first part of the current authorised list and as to that part which is kept in Chinese by a person whose name appears in the second part of the current authorised list. Nothing herein shall be deemed to prevent the Governor in Council authorising the inclusion of a name in both parts of the current authorised list; and nothing herein shall be deeemed to require a