Amendment
of section
178.
Amendment of section 216.
Amendment of Table A.
Sections 35, 36 and 37 of Ordinance No. 58 of 1911 not to apply to China Companies.
Stamp duties on transfers
of shares.
Probate and
estate duty.
China Companies to pay an annual fee.
Refund of
licence fee.
482
(18.) In section 178 by the addition of the words ", and in the case of a China Company in some newspaper circulating in the place where such Company has its registered office." at the end thereof.
(19.) In section 216 by the insertion of the words ", or within the limits of the China Orders-in-Council before any officer of the Supreme Court for China lawfully authorized to take and receive affidavits," after the word "affidavits" in the fifth line of sub-section (1) thereof.
(20.) In Table A in the First Schedule by the deletion of the words "On a show of hands every member present in person shall have" in the first line of Article 50 thereof, and by the substitution therefor of the words, "All business shall be deemed special that is transacted at an ".
7.-(1.) Sections 35, 36 and 37 of the Companies Ordi- nauce, 1911, shall not apply in the case of China Com- panies.
(2.) An instrument of transfer of a share in a China Company shall be exempt from stamp duty unless executed by the transferor within the Colony.
(3.) No probate duty or estate duty shall be payable in respect of the share or other interest of a deceased member of a China Company in such company.
(4.) In lieu of the aforesaid duties, an annual fee for each calendar year at the rate of four cents for each hundred dollars of the paid up capital of the company shall be paid in advance by every China Company to the Colonial Treasurer of Hongkong on or before the 31st day of January in each year: Provided that where a company is placed
on the Register at Shanghai after the 1st day of January in any given calendar year a proportionate part only of the said fee shall be payable in respect of the period from the date of its being so placed on the Register at Shanghai to the 31st day of December next following.
(5.) If any company hereafter transferred from the local register Register in Hongkong to the Register at Shanghai shall at the date of such transfer be the holder of an unexpired local register licence under the Companies Ordinance, 1911, a proportionate part of the licence fee in respect of the unexpired portion of the period covered by such licence shall, if previously paid by such company, be refunded to the company by the Colonial Treasurer of Hongkong within one month of the receipt by him of proof to his satisfaction that the fee referred to in the preceding sub-section has been paid to the Registrar of Companies at Shanghai in respect of the period for which the refund is claimed.
Penalty.
Amendment of Ordinance
No. 22 of 1913.
(6.) If any company makes default in complying with the provisions of sub-section (4) of this section it shall be liable to a penalty not exceeding fifty dollars for every day during which the default continues, and every director, officer and agent of the company who knowingly or wilfully authorises or permits the default shall be liable to the like penalty.
8. The Companies Amendment Ordinance, 1913, is hereby amended as follows:-
(1.) By the repeal of sub-section (a) of section 6 thereof, and by the renaming of sub-sections (b) and (c) as (a) and (b) respectively.
(2.) By the repeal of the words "of such" in the fourteenth line of sub-section (a) of section 16 thereof.
(3.) By the repeal of sub-section (c) of section 16
thereof.
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