Registrar-Generals-Department-Annual-report-1962-1963 — Page 29

Ordinance (see paragraph 70 above)), enables partnerships to be regis- tered between one or more general partners liable for all the debts of the firm and one or more limited partners liable only up to the amount contributed by them to the partnership.

Registered Trustees Incorporation Ordinance, 1958

72. Under this Ordinance the duly appointed trustees (not being less than three nor more than seven) of any body of persons as defined in the Ordinance may apply for incorporation; and the Governor may, if he considers such incorporation expedient, grant a certificate of incorporation, whereupon the trustees and their successors in office become a body corporate with perpetual succession. 'Body of persons' is defined as meaning

'(a) any community of persons bound together by custom, religion,

kinship, nationality or regional or local interests; or

(b) any body or association of persons established for any charitable purpose within the meaning of section 2 of the Charities (Land Acquisition) Ordinance, 1958,

the objects of which in either case do not involve the acquisition of gain by such community of persons or body or association of persons or its individual members, as the case may be."'

During the year two certificates of incorporation were granted, making a total of thirteen certificates so far granted under the Ordinance.

Authorized Auditors Board

73. The Authorized Auditors Board constituted under Section 131A of the Companies Ordinance is composed of ten members, namely, the Registrar of Companies (Chairman), the Accountant General and the Commissioner of Inland Revenue as ex officio members, a Legal Adviser, and six other members appointed by the Governor, of whom five are practising accountants.

74. The Board inquires into the professional qualifications, ex- perience, competency and character of all applicants for admission to the Authorized List of Auditors kept by the Registrar of Companies under Section 131(3)(a). This List is in two parts, Part I containing the names of persons authorized to audit accounts kept in English, Part II the names of those authorized to audit accounts kept in Chinese. The Board may also sit as a disciplinary tribunal, having power to issue a reprimand or order the removal of the name of an auditor from the List.

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