1964_COMPANIES_ORDINANCE — Page 297

1984 Ed.]

Companies

[CAP. 32

367

(i) the expression "long lease" means a lease in the case of which 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,

(ii) the expression "medium-term lease" means a lease in the case of which 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. (iii) the expression "short lease” means a lease which is not a long or a medium-term lease:

(e) a loan shall be deemed to fall due for repayment, and an instalment of a loan shall be deemed to fall due for payment, on the earliest date on which the lender could require repayment or, as the case may be, payment if he exercised all options and rights available to him.

· Tenth Schedule added. 80 of 1974, s. 22)

1.

ELEVENTH SCHEDULE

ACCOUNTS OF CERTAIN PRIVATE COMPANIES UNDER SECTION 14ID

· Replaced, 6 of 1984, s. 259;

This Schedule has effect in addition to the provisions of sections 161 to 161C of this Ordinance.

2.

The authorized share capital, issued share capital, liabilities and assets shall be summarized, with such particulars as are necessary to disclose the general nature of the assets and liabilities, and there shall be specified---

(a) any part of the issued capital that consists of redeemable preference shares, the earliest and latest dates on which the company has power to redeem those shares, whether those shares must be redeemed in any event or are liable to be redeemed at the option of the company and whether any (and, if so, what) premium is payable on redemption:

(b) so far as the information is not given in the profit and loss account, any share capital on which interest has been paid out of capital during the financial year, and the rate at which interest has been so paid:

(c) the amount of the share premium account:

(d) particulars of any redeemed debentures which the company has power to

3.

reissue.

There shall be stated under separate headings. so far as they are not written off-

(a) the preliminary expenses:

(b) any expenses incurred in connexion with any issue of share capital or

debentures:

(c) any sums paid by way of commission in respect of any shares or debentures: (d) any sums allowed by way of discount in respect of any debentures; and (e) the amount of the discount allowed on any issue of shares at a discount. 4. (1) Fixed assets, current assets and assets that are neither fixed nor current shall be separately identified.

(2) The method or methods used to arrive at the amount of the fixed assets shall be stated.

5. There shall be shown under a separate heading the aggregate amount of any outstanding loans made under the authority of provisos (b) and (c) to section 48(1).

6. Where any liability of the company is secured otherwise than by operation of law on any assets of the company, the fact that that liability is so secured shall be stated, but it shall not be necessary to specify the assets on which the liability is secured.

(Eleventh Schedule added, 80 of 1974, s. 22)

For the new Twelfth Schedule-sel Ord. 7/40 54