Registrar-Generals-Department-Annual-report-1972-1973 — Page 38

no doubt relates to companies that are in liquidation or have been dissolved.

Prospectuses

91. In the post-war years prior to 1971-72 very few companies issued prospectuses. Offers of shares to the public only started to become more popular in Hong Kong in 1971-72, although even in that year under 20 prospectuses were registered. In 1972-73 the number of prospectuses registered rose dramatically to 185, of which ten were in respect of companies incorporated overseas. Each prospectus presented for registration has to be considered by a Legal Officer in order to see whether it complies with the provisions of the Companies Ordin- ance. Since 1st March 1973 when the Companies (Amendment) Ordin- ance 1972 came into force (see paragraph 201) the Registrar has the power to refuse to register a prospectus if it does not comply in all respects with the Ordinance. The exercise of this power and the duties of the Registrar in connection with prospectuses involves Legal Officers in a considerable amount of discussion with the companies, the under- writers and their respective solicitors.

Companies incorporated outside the Colony

92. 97 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 843 such companies registered as compared with 781 the year before. Table XVI shows the countries in which these 843 companies are incor- porated. The United States leads with 226 companies, and is followed by the United Kingdom with 105, Japan 93, Panama 86, Australia 48, Singapore 41, Switzerland 29, China 23, Canada and Malaysia 21 each.

93. Table XVII gives an analysis of the 843 companies to which the preceding paragraph refers according to the apparent nature of their business. This shows that the total includes 178 import and export companies, 93 insurance companies, 62 shipping etc. companies, 52 banks, 47 carriers (air and land), 44 engineering etc. companies, 44 miscellaneous industrial companies, 43 land and building companies, and 41 religious bodies.

Liquidations in Progress

94. At the end of the year 464 companies were in the course of being wound up as follows:

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