79 insurance companies, 49 shipping etc. companies, 46 banks, 39 carriers (air and land), 36 religious bodies, 32 engineering etc. com- panies, and 29 land and building companies.
Liquidations in Progress
84. At the end of the year 363 companies were in the course of being wound up as follows:
By Members' Voluntary Winding-up By Creditors' Voluntary Winding-up By Winding-up by the Court
Liquidations begun prior to 1.4.69
Liquidations begun during 1969-70
114
126
10
5
96
12
220
143
Appointment of Inspectors
85. The Companies Ordinance provides that the Financial Secretary may in certain circumstances, e.g. upon application by a specified number or proportion of the members of a company, appoint one or more competent inspectors to investigate the affairs of the company and to report thereon in such manner as the Financial Secretary may direct. In Great Britain such authority is vested in the Board of Trade. Since such provisions were first included in the Companies Ordinance in 1963, two requests for appointment of an inspector have been received, one in respect of a company limited by shares and the other in respect of a company limited by guarantee. No inspector was, how- ever, appointed in either case.
Insurance Companies
86. Local and foreign insurance companies which wish to transact life, fire or marine insurance business in Hong Kong must comply with the provisions of the Life Insurance Companies Ordinance and Fire and Marine Insurance Companies Deposit Ordinance respectively. In addi- tion to the filing of annual accounts, these Ordinances require deposits to be made with the Registrar of Companies unless the company qualifies for exemption by complying with the Insurance Companies Acts 1958-1967 in Great Britain, or in the case of fire and marine insurance by maintaining similar deposits elsewhere in the Common- wealth. The approval of the Governor in Council must be obtained for
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