1964_COMPANIES_ORDINANCE — Page 295

HK Historical Laws 香港歷史法例 All AI Reviewed
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1984 Ed.]

Companies

[CAP. 32

365

but, where in its balance sheet reserves or provisions (other than provisions for depreciation, renewals or diminution in value of assets) are not stated separately, any heading stating an amount arrived at after taking into account a reserve or such a provision shall be so framed or marked as to indicate that fact, and its profit and loss account shall indicate by appropriate words the manner in which the amount stated for the company's profit or loss has been arrived at.

(2) The accounts of a banking company shall not be deemed, by reason only of the fact that they do not comply with any requirements of Part I from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Ordinance.

(3) In this paragraph the expression "banking company" means any company which carries on banking business and holds a valid licence granted under the Banking Ordinance authorizing it to do so in Hong Kong.

27. (1) An insurance company shall not be subject to the following requirements of Part I, that is to say---

(a) as respects its balance sheet, those of paragraphs 4 to 7, sub-paragraphs (1)(a) and (3) of paragraph 9 and sub-paragraphs (4), (5) and (7) to (10) of paragraph 12:

(b) as respects its profit and loss account, those of paragraph 13 (except sub-paragraph (1)(b), (c), (d) and (7)) and paragraph 17(2);

but, where in its balance sheet reserves or provisions (other than provisions for depreciation, renewals or diminution in value of assets) are not stated separately, any heading stating an amount arrived at after taking into account a reserve or such a provision shall be so framed or marked as to indicate that fact, and its profit and loss account shall indicate by appropriate words the manner in which the amount stated for the company's profit or loss has been arrived at:

Provided that the Financial Secretary may direct that any such insurance company whose business includes to a substantial extent business other than insurance business shall comply with all the requirements of Part I or such of them as may be specified in the direction and shall comply therewith as respects either the whole of its business or such part thereof as may be so specified.

(2) Where an insurance company is entitled to the benefit of this paragraph, then any wholly owned subsidiary thereof shall also be so entitled if its business consists only of business which is complementary to insurance business of the classes carried on by the insurance company.

(3) The accounts of a company shall not be deemed, by reason only of the fact that they do not comply with any requirement of Part I from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Ordinance.

(4) For the purposes of this paragraph a company shall be deemed to be the wholly owned subsidiary of an insurance company if it has no members except the insurance company and the insurance company's wholly owned subsidiaries and its or their nominees.

28. (1) A shipping company shall not be subject to the following requirements of Part I, that is to say--

(a) as respects its balance sheet, those of paragraph 4 (except so far as it relates to assets), paragraphs 5, 6 and 7 and sub-paragraphs (7) and (8) of paragraph 12;

(b) as respects its profit and loss account, those of sub-paragraph (1)(a), (e) and (f) and sub-paragraphs (3) and (4) of paragraph 13 and paragraph 16.

(2) The accounts of a company shall not be deemed, by reason only of the fact that they do not comply with any requirements of Part I from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Ordinance.

(3) In this paragraph the expression "shipping company" means a company which, or a subsidiary of which, owns ships or includes amongst its activities the management or operation of ships, being a company which satisfies the Financial Secretary that it ought to be treated for the purposes of this paragraph as a shipping company.

(Cap. 155.)

27of 1936217

Page 295

Page 296

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1984 Ed.] Companies [CAP. 32 365 but, where in its balance sheet reserves or provisions (other than provisions for depreciation, renewals or diminution in value of assets) are not stated separately, any heading stating an amount arrived at after taking into account a reserve or such a provision shall be so framed or marked as to indicate that fact, and its profit and loss account shall indicate by appropriate words the manner in which the amount stated for the company's profit or loss has been arrived at. (2) The accounts of a banking company shall not be deemed, by reason only of the fact that they do not comply with any requirements of Part I from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Ordinance. (3) In this paragraph the expression "banking company" means any company which carries on banking business and holds a valid licence granted under the Banking Ordinance authorizing it to do so in Hong Kong. 27. (1) An insurance company shall not be subject to the following requirements of Part I, that is to say--- (a) as respects its balance sheet, those of paragraphs 4 to 7, sub-paragraphs (1)(a) and (3) of paragraph 9 and sub-paragraphs (4), (5) and (7) to (10) of paragraph 12: (b) as respects its profit and loss account, those of paragraph 13 (except sub-paragraph (1)(b), (c), (d) and (7)) and paragraph 17(2); but, where in its balance sheet reserves or provisions (other than provisions for depreciation, renewals or diminution in value of assets) are not stated separately, any heading stating an amount arrived at after taking into account a reserve or such a provision shall be so framed or marked as to indicate that fact, and its profit and loss account shall indicate by appropriate words the manner in which the amount stated for the company's profit or loss has been arrived at: Provided that the Financial Secretary may direct that any such insurance company whose business includes to a substantial extent business other than insurance business shall comply with all the requirements of Part I or such of them as may be specified in the direction and shall comply therewith as respects either the whole of its business or such part thereof as may be so specified. (2) Where an insurance company is entitled to the benefit of this paragraph, then any wholly owned subsidiary thereof shall also be so entitled if its business consists only of business which is complementary to insurance business of the classes carried on by the insurance company. (3) The accounts of a company shall not be deemed, by reason only of the fact that they do not comply with any requirement of Part I from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Ordinance. (4) For the purposes of this paragraph a company shall be deemed to be the wholly owned subsidiary of an insurance company if it has no members except the insurance company and the insurance company's wholly owned subsidiaries and its or their nominees. 28. (1) A shipping company shall not be subject to the following requirements of Part I, that is to say-- (a) as respects its balance sheet, those of paragraph 4 (except so far as it relates to assets), paragraphs 5, 6 and 7 and sub-paragraphs (7) and (8) of paragraph 12; (b) as respects its profit and loss account, those of sub-paragraph (1)(a), (e) and (f) and sub-paragraphs (3) and (4) of paragraph 13 and paragraph 16. (2) The accounts of a company shall not be deemed, by reason only of the fact that they do not comply with any requirements of Part I from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Ordinance. (3) In this paragraph the expression "shipping company" means a company which, or a subsidiary of which, owns ships or includes amongst its activities the management or operation of ships, being a company which satisfies the Financial Secretary that it ought to be treated for the purposes of this paragraph as a shipping company. (Cap. 155.) 27of 1936217 Page 295 Page 296
Baseline (Original)
1984 Ed.] Companies [CAP. 32 365 but, where in its balance sheet reserves or provisions (other than provisions for depreciation, renewals or diminution in value of assets) are not stated separately, any heading stating an amount arrived at after taking into account a reserve or such a provision shall be so framed or marked as to indicate that fact, and its profit and loss account shall indicate by appropriate words the manner in which the amount stated for the company's profit or loss has been arrived at. (2) The accounts of a banking company shall not be deemed, by reason only of the fact that they do not comply with any requirements of Part I from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Ordinance. (3) In this paragraph the expression "banking company means any company which carries on banking business and holds a valid licence granted under the Banking Ordinance authorizing it to do so in Hong Kong. 27. (1) An insurance company shall not be subject to the following require- ments of Part I, that is to say--- (a) as respects its balance sheet, those of paragraphs 4 to 7. sub-paragraphs (1)(α) and (3) of paragraph 9 and sub-paragraphs (4), (5) and (7) to (ID) of paragraph 12: (b) as respects its profit and loss account, those of paragraph 13 (except sub-paragraph (1)(b), (c), (d) and (7)) and paragraph 17(2); but, where in its balance sheet reserves or provisions (other than provisions for depreciation, renewals or diminution in value of assets) are not stated separately, any heading stating an amount arrived at after taking into account a reserve or such a provision shall be so framed or marked as to indicate that fact, and its profit and loss account shall indicate by appropriate words the manner in which the amount stated for the company's profit or loss has been arrived at: Provided that the Financial Secretary may direct that any such insurance company whose business includes to a substantial extent business other than insurance business shall comply with all the requirements of Part I or such of them as may be specified in the direction and shall comply therewith as respects either the whole of its business or such part thereof as may be so specified. (2) Where an insurance company is entitled to the benefit of this paragraph. then any wholly owned subsidiary thereof shall also be so entitled if its business consists only of business which is complementary to insurance business of the classes carried on by the insurance company. (3) The accounts of a company shall not be deemed, by reason only of the fact that they do not comply with any requirement of Part I from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Ordinance. (4) For the purposes of this paragraph a company shall be deemed to be the wholly owned subsidiary of an insurance company if it has no members except the insurance company and the insurance company's wholly owned subsidiaries and its or their nominees. 28. (1) A shipping company shall not be subject to the following requirements of Part I, that is to say-- (a) as respects its balance sheet, those of paragraph 4 (except so far as it relates to assets), paragraphs 5. 6 and 7 and sub-paragraphs (7) and (8) of paragraph 12; (b) as respects its profit and loss account, those of sub-paragraph (1)(a), (e) and (/) and sub-paragraphs (3) and (4) of paragraph 13 and paragraph 16. (2) The accounts of a company shall not be deemed. by reason only of the fact that they do not comply with any requirements of Part I from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Ordinance. (3) In this paragraph the expression "shipping company" means a company which, or a subsidiary of which, owns ships or includes amongst its activities the management or operation of ships, being a company which satisfies the Financial Secretary that it ought to be treated for the purposes of this paragraph as a shipping company. (Cap. 155.) 27of 1936217 Page 295Page 296
2026-05-04 11:10:24 · Baseline
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1984 Ed.]

Companies

[CAP. 32

365

but, where in its balance sheet reserves or provisions (other than provisions for depreciation, renewals or diminution in value of assets) are not stated separately, any heading stating an amount arrived at after taking into account a reserve or such a provision shall be so framed or marked as to indicate that fact, and its profit and loss account shall indicate by appropriate words the manner in which the amount stated for the company's profit or loss has been arrived at.

(2) The accounts of a banking company shall not be deemed, by reason only of the fact that they do not comply with any requirements of Part I from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Ordinance.

(3) In this paragraph the expression "banking company means any company which carries on banking business and holds a valid licence granted under the Banking Ordinance authorizing it to do so in Hong Kong.

27. (1) An insurance company shall not be subject to the following require- ments of Part I, that is to say---

(a) as respects its balance sheet, those of paragraphs 4 to 7. sub-paragraphs (1)(α) and (3) of paragraph 9 and sub-paragraphs (4), (5) and (7) to (ID) of paragraph 12:

(b) as respects its profit and loss account, those of paragraph 13 (except

sub-paragraph (1)(b), (c), (d) and (7)) and paragraph 17(2);

but, where in its balance sheet reserves or provisions (other than provisions for depreciation, renewals or diminution in value of assets) are not stated separately, any heading stating an amount arrived at after taking into account a reserve or such a provision shall be so framed or marked as to indicate that fact, and its profit and loss account shall indicate by appropriate words the manner in which the amount stated for the company's profit or loss has been arrived at:

Provided that the Financial Secretary may direct that any such insurance company whose business includes to a substantial extent business other than insurance business shall comply with all the requirements of Part I or such of them as may be specified in the direction and shall comply therewith as respects either the whole of its business or such part thereof as may be so specified.

(2) Where an insurance company is entitled to the benefit of this paragraph. then any wholly owned subsidiary thereof shall also be so entitled if its business consists only of business which is complementary to insurance business of the classes carried on by the insurance company.

(3) The accounts of a company shall not be deemed, by reason only of the fact that they do not comply with any requirement of Part I from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Ordinance.

(4) For the purposes of this paragraph a company shall be deemed to be the wholly owned subsidiary of an insurance company if it has no members except the insurance company and the insurance company's wholly owned subsidiaries and its or their nominees.

28. (1) A shipping company shall not be subject to the following requirements of Part I, that is to say--

(a) as respects its balance sheet, those of paragraph 4 (except so far as it relates to assets), paragraphs 5. 6 and 7 and sub-paragraphs (7) and (8) of paragraph 12;

(b) as respects its profit and loss account, those of sub-paragraph (1)(a), (e) and (/) and sub-paragraphs (3) and (4) of paragraph 13 and paragraph 16.

(2) The accounts of a company shall not be deemed. by reason only of the fact that they do not comply with any requirements of Part I from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Ordinance.

(3) In this paragraph the expression "shipping company" means a company which, or a subsidiary of which, owns ships or includes amongst its activities the management or operation of ships, being a company which satisfies the Financial Secretary that it ought to be treated for the purposes of this paragraph as a shipping company.

(Cap. 155.)

27of 1936217

Page 295Page 296

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