Registrar-Generals-Department-Annual-report-1970-1971 — Page 38

to be filed in the Companies Registry'. A copy is also supplied free of charge to any company that asks for one.

82. 653 companies increased their nominal capital by amounts total- ling $2,773,478,000, on which fees of $5,546,956 were paid.

83. 265 companies changed their names by special resolution and with the approval of the Governor given by the Registrar General or an Assistant Registrar General under delegated powers. One of the main reasons for such changes is that, as mentioned in paragraph 76, companies are incorporated by solicitors and others to be held 'in stock' for issue to clients when required. The clients then choose a name to their liking and have the old name changed. Similarly the names of real estate com- panies are often changed when control passes from one syndicate to another.

84. One licence to keep a branch Share Register was granted under section 103 of the Ordinance.

85. 1,372 charges were registered by companies securing a total of $1,157,798,646, and 1,786 certificates of satisfaction were submitted in respect of charges totalling $555,369,908. There was therefore an increase of over $602m. in the amounts of charges subsisting. This does not mean that the amount actually owed by companies and secured by charges increased by that sum, because in many cases charges are granted to secure banking facilities, which may not be utilized up to the full amount for which the property is charged. The numbers and amounts of charges and certificates of satisfaction registered have varied over the past five years as follows:

Charges

Certificates of Satisfaction

No.

1966-67

1967-68

Amount

908 $ 565m.

No.

Amount

1,025 $ 249m.

664 361m.

865

233m.

4.

1968-69

823

646m.

1,163

376m.

1969-70

1,128

865m.

1,751

366m.

...

1970-71

1,372 1,157m.

1,786

555m.

$3,594m.

$1,779m.

Over the last five years there has therefore been an apparent increase in the amounts of charges subsisting of $1,815m., but some of this no doubt relates to companies that are in liquidation or have been dissolved.

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