43825-1915-Supplementary-Bills-read-a-first-time--Companies — Page 10

"

485

Sub-clause (10) of clause 6 is an attempt to impose more stringent conditions on the commencement of business by a new company in order to prevent fraud.

Sub-clanse (12) of clause 6 provides that an application for the appointment of inspectors may be made by either Registrar of Companies as well as by members of the company.

Sub-clause (13) of clause 6 deals with three points:

Paragraph (a) corrects a slight error introduced by the Companies Amendment Ordinance, 1913. This point is also dealt with in clause 8 (2).

Paragraph (5) repeals the proviso added by the Com- panies Amendment Ordinance, 1913, to section 113 (5) of the Companies Ordinance, 1911, as this proviso appears to be unnecessary. This point is also dealt with in clause 8 (3).

Paragraph (c) enacts that the provision of the Companies Amendment Ordinance, 1913, for the formation of a list of authorised auditors shall not apply in the case of a China Company, as it is considered undesirable that there should be any such list in the case of China Companies.

Sub-clause (15) of clause 6 gives both Registrars power to apply for a winding up order.

Sub-clause (20) of clause 6 corrects an obvious misprint in article 50 of Table A in the First Schedule to the Companies Ordinance, 1911.

Clanse 7 excepts China Companies from the operation of the sections of the Companies Ordinance, 1911, which deal with the question of local registers. It retains however the annual fee heretofore paid by companies with local registers in China, as it re-enacts that shares in such companies shall be exempt from transfer duty and probate and estate duty, except in the case of transfers where the transfer is executed by the transferor in the Colony.

Clause 8 makes the necessary amendments in the Com- panies Amendment Ordinance, 1913, which have been referred to above under sub-clauses (7) and (13).

Clause 9 provides that the Companies Ordinances, in so far as they affect companies carrying on business within the limits of the China Orders-in-Council, shall be read with and subject to the Order-in-Council above referred to,

Clause 10 is intended to suspend the commencement of the Ordinance until the date when the Order-in-Council comes into operation.

J. H. KEMP,

A

BILL

Attorney General.

INTITULED

An Ordinance to amend the law relating to

importation and exportation.

Be it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:

1. This Ordinance may be cited as the Importation and Short title. Exportation Ordinance, 1915.

2. In this Ordinance :-

(a.) "Person ", except so far as relates to the imposition of the penalty of imprisonment, includes a body corporate, a firm, and any other association of persons or organisation; (b.) "Ship" includes every description of vessel

used in navigation;

Interpreta- tion.

Page 10Page 11