Registrar-Generals-Department-Annual-report-1966-1967 — Page 30

PART III

:

COMPANIES REGISTRY

Companies Registration

67. The Companies Ordinance is based on the Companies Act 1929 formerly in force in Great Britain but now replaced by the Companies Act 1948. Part I of Table IX lists the various Ordinances and subsidiary legislation now in force in the Colony relating to Companies.

68. The number of new companies incorporated in Hong Kong constituted a new record, the year's total advancing by 142 over the previous year's to 1,428, eight more than the previous record set up in 1964-65. Of the new companies incorporated, 1,341 (including three with unlimited liability) were private companies with a share capital, and 87 were public companies, all of which were incorporated with liability limited by guarantee and without a share capital. Part I of Table X gives an analysis of the 1,341 companies with a share capital according to the nature of their business and amount of nominal capital, with the aggregate amount given in the final column. As compared with 1965-66 the most noteworthy changes in the numbers according to business were: up-engineering, etc. 78 (+25), importers and exporters 384 (+57), metals and hardware 39 (+16), and wig manufac- turers 44 (+32); down-land investment 86 (-24), plastic manufacturers 37 (-11) and textile manufacturers etc. 47 (−11).

69. Part II of Table X gives an analysis of the 87 companies incorporated without a share capital according to the nature of their objects. In exercise of powers delegated from the Governor, 11 were granted licences to dispense with the word 'Limited' in their name,

70. In 600 cases out of 1,428, that is to say in 42% of all new incorporations, the papers were submitted by firms of accountants apparently without a solicitor being employed, the necessary statutory declaration of compliance with the requirements of the Ordinance being made by a person named in the articles as a director or secretary. Since records of such cases were first kept in 1963-64 the numbers of incorporations in which a solicitor was not employed have risen as follows:

1963-64

405 or 32% of all incorporations

1964-65

524 or 37%

"J

**

1965-66

529 or 41%

57

J

13

1966-67

600 or 42%

J

25

24.

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