80, 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 companies are often changed when control passes from one syndicate to another.
88. One licence to keep a branch Share Register was granted under section 103 of the Ordinance.
89. 1,522 charges were registered by companies securing a total of over $1,591m., and 1,400 certificates of satisfaction were submitted in respect of charges totalling over $483m. There was therefore an increase of over $1,108m. 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.
Amount
No.
Amount
1967-68
664
$ 361m.
865 $ 233m.
1968-69
823
646m.
1,163
376m.
1969-70
1,128
865m.
1,751
366m.
1970-71
1971-72
...
1,372
1,157m.
1,786
555m.
1,522
1,591m.
1,400
483m.
$4,620m.
$2,013m.
Over the last five years there has therefore been an apparent increase in the amounts of charges subsisting of $2,607m., but some of this no doubt relates to companies that are in liquidation or have been dissolved.
Companies incorporated outside the Colony
90. 105 companies incorporated outside the Colony established a place of business within the Colony and complied with the provisions. of Part XI of the Ordinance. At the end of the year there were 781 such companies registered as compared with 713 the year before. Table XVI shows the countries in which these 781 companies are incorporated. The United States leads with 204 companies, and is
30
No comments yet.
Private notes are available after approval.