204169-1933-Supplementary-Draft-Bills--Companies-Amendment-Naval-Volunteer — Page 3

Amendment

of Ordin-

ance No. 39

of 1932,

First Schedule Reg. 68.

Commence- ment.

www.

1174

9. Regulation 68 of Table A in the First Schedule to the Companies Ordinance, 1932, is amended by the substitu- tion of the words "rotation of retirement" for the words "rotation or retirement".

10. This Ordinance shall come into operation on first day of January, 1934.

the

Objects and Reasons.

1. Section 2 of this Ordinance corrects a misprint in section 94 (11) of the principal Ordinance.

2. Section 3 makes a grammatical correction in section 134 (1) of the principal Ordinance.

ance.

3. Section 4 repeals section 144 of the principal Ordin- The section was derived from section 145 of the Companies Act, 1929, an onerous section which is considered unnecessary in Hong Kong where there is but one Registry, at which any person may search the file of a company for the sum of $1 and obtain all the information as to directors and other matters that he reasonably may require. The Hong Kong General Chamber of Commerce, which was consulted, supports the repeal.

4. Section 5 substitutes for paragraphs (a), (b) and (c) of section 251 (1) three new paragraphs so as to make the priorities of debts in the case of companies in liquidation coincide with those provided, by section 38 (1) of Ordinance No. 10 of 1931, for ordinary bankruptcies.

5. Section 6 adds a sub-section to section 263 of the principal Ordinance on the lines of section 277(8) of the Companies Act, 1929.

6. Section 7 repeals section 319 of the principal Ordin- ance and substitutes a section in which the first half of sub- The second section (1) and sub-section (2) are re-enacted. half of sub-section (1) and sub-sections (3), (4), (5), (6) and (7) considered redundant their provisions sufficicently covered by those of sections 321 to 327 and the 9th Schedule of the principal Ordinance.

are

as

are

7. Section 8 amends section 352 of the principal Ordin- ance by providing for the payment of the annual fee to the registrars of companies at Hong Kong or Shanghai instead of to the Colonial Treasurer of Hong Kong and by, providing a method of calculating the fee where the paid up capital of the Company is not in the local currency of the place of payment.

8. Section 9 corrects a typographic error in Regulation 68 of Table A in the First Schedule to the principal Ordinance which was copied from the corresponding regulation in the Companies Act, 1929, which contained the same error.

9. Section 10 brings the Ordinance into operation on the 1st January, 1934, as it is considered desirable to fix a date for the system of payment effected by section 8.

December, 1933.

C. G. ALABASTER,

Attorney General.