366
CAP. 32]
Companies
[1984 Ed.
29. Where a company entitled to the benefit of any provision contained in this Part is a holding company, the reference in Part II to consolidated accounts complying with the requirements of this Ordinance shall, in relation to consolidated accounts of that company, be construed as referring to those requirements in so far only as they apply to the separate accounts of that company.
PART IV
INTERPRETATION OF SCHEDULE
30. (1) For the purposes of this Schedule, unless the context otherwise requires.--
(a) the expression "provision" shall, subject to sub-paragraph (2), mean any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets or retained by way of providing for any known liability of which the amount cannot be determined with substantial accuracy;
(h) the expression "reserve” shall not, subject as aforesaid, include any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets or retained by way of providing for any known liability or any sum set aside for the purpose of its being used to prevent undue fluctuations in charges for taxation:
and in this paragraph the expression “liability” shall include all liabilities in respect of expenditure contracted for and all disputed or contingent liabilities.
(2) Where---
(a) any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets, not being an amount written off in relation to fixed assets before 1st October 1975: or
(b) any amount retained by way of providing for any known liability,
is in excess of that which in the opinion of the directors is reasonably necessary for the purpose, the excess shall be treated for the purposes of this Schedule as a reserve and not as a provision.
31. For the purposes aforesaid.---
(a) the expression "listed investment" means an investment as respects which there has been granted a listing on a recognized stock exchange, or on any stock exchange of repute outside Hong Kong, and the expression "unlisted investment" shall be construed accordingly; ~(Amended, 6 of 1984, s. 259)
(b) the expression "lease" includes an agreement for a lease;
(c) in relation to land in Hong Kong--
(i) the expression "long lease" means a lease in the case of which either- (A) the portion of the term for which it was granted remaining unexpired at
the end of the financial year is not less than 50 years, or
(B) if the lease is a renewable Crown lease, the portion of the said term remaining unexpired at the said date when added to the term for which the lessee is entitled to renew the lease amounts to a period of not less than 50 years from the said date:
(ii) the expression "medium-term lease" means a lease in the case of which either--
(A) the portion of the term for which it was granted remaining unexpired at the end of the financial year is less than 50 years but not less than 10 years, or
(B) if the lease is a renewable Crown lease, the portion of the said term remaining unexpired at the said date when added to the term for which the lessee is entitled to renew the lease amounts to a period of less than 50 years but not less than 10 years from the said date;
(iii) the expression "short lease" means a lease which is not a long or a medium-term lease:
(d) in relation to land outside Hong Kong—
:)
becomes
366
CAP. 32]
Companies
[1984 Ed.
29. Where a company entitled to the benefit of any provision contained in this Part is a holding company, the reference in Part II to consolidated accounts complying with the requirements of this Ordinance shall, in relation to consolidated accounts of that company, be construed as referring to those requirements in so far only as they apply to the separate accounts of that company.
PART IV
INTERPRETATION OF SCHEDULE
30. (1) For the purposes of this Schedule, unless the context otherwise requires--
(a) the expression "provision" shall, subject to sub-paragraph (2), mean any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets or retained by way of providing for any known liability of which the amount cannot be determined with substantial accuracy;
(b) the expression "reserve" shall not, subject as aforesaid, include any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets or retained by way of providing for any known liability or any sum set aside for the purpose of its being used to prevent undue fluctuations in charges for taxation:
and in this paragraph the expression “liability” shall include all liabilities in respect of expenditure contracted for and all disputed or contingent liabilities.
(2) Where---
(a) any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets, not being an amount written off in relation to fixed assets before 1st October 1975; or
(b) any amount retained by way of providing for any known liability,
is in excess of that which in the opinion of the directors is reasonably necessary for the purpose, the excess shall be treated for the purposes of this Schedule as a reserve and not as a provision.
31. For the purposes aforesaid---
(a) the expression "listed investment" means an investment as respects which there has been granted a listing on a recognized stock exchange, or on any stock exchange of repute outside Hong Kong, and the expression "unlisted investment" shall be construed accordingly; (Amended, 6 of 1984, s. 259)
(b) the expression "lease" includes an agreement for a lease;
(c) in relation to land in Hong Kong--
(i) the expression "long lease" means a lease in the case of which either-
(A) the portion of the term for which it was granted remaining unexpired at the end of the financial year is not less than 50 years, or
(B) if the lease is a renewable Crown lease, the portion of the said term remaining unexpired at the said date when added to the term for which the lessee is entitled to renew the lease amounts to a period of not less than 50 years from the said date;
(ii) the expression "medium-term lease" means a lease in the case of which either--
(A) the portion of the term for which it was granted remaining unexpired at the end of the financial year is less than 50 years but not less than 10 years, or
(B) if the lease is a renewable Crown lease, the portion of the said term remaining unexpired at the said date when added to the term for which the lessee is entitled to renew the lease amounts to a period of less than 50 years but not less than 10 years from the said date;
(iii) the expression "short lease" means a lease which is not a long or a medium-term lease;
(d) in relation to land outside Hong Kong—
The final output in HTML format is:366
CAP. 32]
Companies
[1984 Ed.
29. Where a company entitled to the benefit of any provision contained in this Part is a holding company, the reference in Part II to consolidated accounts complying with the requirements of this Ordinance shall, in relation to consolidated accounts of that company, be construed as referring to those requirements in so far only as they apply to the separate accounts of that company.
PART IV
INTERPRETATION OF SCHEDULE
30. (1) For the purposes of this Schedule, unless the context otherwise requires--
(a) the expression "provision" shall, subject to sub-paragraph (2), mean any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets or retained by way of providing for any known liability of which the amount cannot be determined with substantial accuracy;
(b) the expression "reserve" shall not, subject as aforesaid, include any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets or retained by way of providing for any known liability or any sum set aside for the purpose of its being used to prevent undue fluctuations in charges for taxation:
and in this paragraph the expression “liability” shall include all liabilities in respect of expenditure contracted for and all disputed or contingent liabilities.
(2) Where---
(a) any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets, not being an amount written off in relation to fixed assets before 1st October 1975; or
(b) any amount retained by way of providing for any known liability,
is in excess of that which in the opinion of the directors is reasonably necessary for the purpose, the excess shall be treated for the purposes of this Schedule as a reserve and not as a provision.
31. For the purposes aforesaid---
(a) the expression "listed investment" means an investment as respects which there has been granted a listing on a recognized stock exchange, or on any stock exchange of repute outside Hong Kong, and the expression "unlisted investment" shall be construed accordingly; (Amended, 6 of 1984, s. 259)
(b) the expression "lease" includes an agreement for a lease;
(c) in relation to land in Hong Kong--
(i) the expression "long lease" means a lease in the case of which either-
(A) the portion of the term for which it was granted remaining unexpired at the end of the financial year is not less than 50 years, or
(B) if the lease is a renewable Crown lease, the portion of the said term remaining unexpired at the said date when added to the term for which the lessee is entitled to renew the lease amounts to a period of not less than 50 years from the said date;
(ii) the expression "medium-term lease" means a lease in the case of which either--
(A) the portion of the term for which it was granted remaining unexpired at the end of the financial year is less than 50 years but not less than 10 years, or
(B) if the lease is a renewable Crown lease, the portion of the said term remaining unexpired at the said date when added to the term for which the lessee is entitled to renew the lease amounts to a period of less than 50 years but not less than 10 years from the said date;
(iii) the expression "short lease" means a lease which is not a long or a medium-term lease;
(d) in relation to land outside Hong Kong—
366
CAP. 32]
Companies
[1984 Ed.
29. Where a company entitled to the benefit of any provision contained in this Part is a holding company. the reference in Part II to consolidated accounts complying with the requirements of this Ordinance shall, in relation to consolidated accounts of that company, be construed as referring to those requirements in so far only as they apply to the separate accounts of that company.
PART IV
INTERPRETATION OF SCHEDULE
30. (1) For the purposes of this Schedule, unless the context otherwise requires.--
(a) the expression "provision" shall, subject to sub-paragraph (2), mean any amount written off or retained by way of providing for depreciation. renewals or diminution in value of assets or retained by way of providing for any known liability of which the amount cannot be determined with substantial accuracy;
(h) the expression "reserve” shall not, subject as aforesaid, include any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets or retained by way of providing for any known liability or any sum set aside for the purpose of its being used to prevent undue fluctuations in charges for taxation:
and in this paragraph the expression “liability” shall include all liabilities in respect of expenditure contracted for and all disputed or contingent liabilities.
(2) Where---
(a) any amount written off or retained by way of providing for depreciation. renewals or diminution in value of assets, not being an amount written off in relation to fixed assets before 1st October 1975: or
(b) any amount retained by way of providing for any known liability.
is in excess of that which in the opinion of the directors is reasonably necessary for the purpose, the excess shall be treated for the purposes of this Schedule as a reserve and not as a provision.
31. For the purposes aforesaid.---
(a) the expression "listed investment" means an investment as respects which there has been granted a listing on a recognized stock exchange, or on any stock exchange of repute outside Hong Kong, and the expression "unlisted investment" shall be construed accordingly; ~(Amended, 6 of 1984, s. 259)
(b) the expression "lease" includes an agreement for a lease;
(c) in relation to land in Hong Kong--
(i) the expression "long lease" means a lease in the case of which either- (A) the portion of the term for which it was granted remaining unexpired at
the end of the financial year is not less than 50 years, or
(B) if the lease is a renewable Crown lease, the portion of the said term remaining unexpired at the said date when added to the term for which the lessee is entitled to renew the lease amounts to a period of not less than 50 years from the said date:
(ii) the expression "medium-term lease" means a lease in the case of which either--
(A) the portion of the term for which it was granted remaining unexpired at the end of the financial year is less than 50 years but not less than 10 years. or
(B) if the lease is a renewable Crown lease. the portion of the said term remaining unexpired at the said date when added to the term for which the lessee is entitled to renew the lease amounts to a period of less than 50 years but not less than 10 years from the said date;
(iii) the expression "short lease" means a lease which is not a long or a medium-term lease:
(d) in relation to land outside Hong Kong—
:)
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