1964_COMPANIES_ORDINANCE — Page 39

(

1984 Ed.]

Companies

¡CAP. 32

149

(4) The Government shall indemnify the body corporate against any costs or expenses incurred by it in or in connexion with any proceedings brought by virtue of subsection (3).

(Replaced. 51 of 1978, s. 4. Amended, 6 of 1984, s. 103)

148. (1) The expenses of and incidental to an investigation by an inspector appointed by the Financial Secretary under section 142 or 143 shall be defrayed in the first instance out of the general revenue of Hong Kong, but the following persons shall, to the extent mentioned, be liable to repay such expenses to the Government---- (Amended, 6 of 1984, s. 259)

(a) any person who is convicted by a court or magistrate on a prosecution instituted as a result of the investigation, or who is ordered by a court or magistrate to pay damages or restore any property in proceedings brought by virtue of section 147(3) or to pay the whole or any part of the costs of any such proceedings, to such extent as may be ordered by such court or magistrate; (Replaced, 6 of 1984, s. 104) (h) any body corporate in whose name proceedings are brought as aforesaid, to the amount or value of any sums or property recovered by it as a result of those proceedings; (c) any body corporate dealt with by the report, where the inspector was appointed otherwise than of the Financial Secretary's own motion, shall be liable, except so far as the Financial Secretary otherwise directs; and (Replaced, 6 of 1984, s. 104)

(d) the applicants for the investigation, where the inspector was appointed under section 142, shall be liable to such extent (if any) as the Financial Secretary may direct; ( Added, 6 of 1984 s. 104)

and any amount for which a body corporate is liable by virtue of paragraph (b) shall be a first charge on the sums or property mentioned in that paragraph.

(2) The report of an inspector appointed otherwide than of the motion of the Financial Secretary may, if he thinks fit, and shall, if the Financial Secretary so directs, include a recommendation as to the directions, if any, that he thinks appropriate, in the light of his investigation, to be given under subsection (1)(c) and (d). (Amended, 6 of 1984, s. 104)

(3) For the purposes of this section, any costs or expenses incurred by the Financial Secretary in or in connexion with proceed- ings brought by virtue of section 147(3), including expenses incurred by virtue of subsection (4) thereof, shall be treated as expenses of the investigation giving rise to the proceedings. (Amended, 51 of 1978, s. 5)

(4) Any liability to repay the Government imposed by para- graphs (a) and (b) of subsection (1) shall, subject to the satisfaction

Expenses of investigation of the affairs of a company.

1948 c. 38, s. 170.