1950_FRAUDULENT_TRANSFERS_OF_BUSINESSES_ORDINANCE — Page 2

CAP. 49]

{s. 3 cont.}

2 of 1946, Schedule.

28 of 1948, s. 2.

Fraudulent Transfers of Businesses.

any two of such Chinese newspapers circulating in the Colony as may from time to time be approved by the Secretary for Chinese Affairs, and shall, subject to the proviso to subsection (2), be deemed to be complete-

(a) upon the expiration of one month from the publica- tion of the notice in the manner aforesaid; or (b) if such notice shall have been given during the Hong Kong British Military Administration, upon the expiration of one month after the re-establish- ment of the court in its civil jurisdiction.

(4) The particulars above referred to are as follows- (a) the name and address of the transferor;

(b) the name and address of the transferee;

(c) the address where the transferee intends to carry on

the business;

(d) a statement as to whether the transferee is assuming or is intended to assume all the liabilities incurred in the business by the transferor; and

(e) a statement as to the nature of the business trans-

ferred or to be transferred.

(5) The production of the Gazette containing the notice shall be prima facie evidence as against both the transferor and the transferee of the statements contained in the notice.

(6) Nothing in this section shall have the effect of relieving the transferor from any liability to which he would otherwise be subject.

(7) Any approval given by the Secretary for Chinese Affairs for the purposes of subsection (3) of this section may be withdrawn.

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