Segment 55 with the predecessor Ordinance, as in drive right away just before its repeal, carries on to apply to a rise in a company’ s share funds If your resolution authorizing the rise was passed before the commencement date* of area 171. 28. Description of shares of various courses

(three) This segment isn't going to implement for the offering of economic support by a company for the objective of the acquisition of a share in its holding company or for the purpose of decreasing or discharging a liability incurred for these an acquisition In the event the Keeping company is really a company incorporated outside Hong Kong. (four) If a company contravenes subsection (1) or (2), the company, and each dependable individual with the company, commit an offence, and each is liable to some high-quality of $150000 also to imprisonment for 12 months. Part: 276 Failure to comply with Division doesn't influence validity of monetary aid, etc.

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L.N. 163 of 2013 03/03/2014 (1) This portion applies in relation to some Distinctive resolution to confer, range, revoke or renew the authorization for just a variation settlement underneath segment 254. (2) A replica with the proposed variation settlement (if it is in producing) or simply a memorandum offering aspects of the proposed variation settlement (if It's not) need to be produced accessible to customers— (a) in the situation of the prepared resolution, by currently being despatched to each member in the company at or before the time in the event the proposed resolution is sent to them; or (b) in the case of a resolution proposed at a gathering, by currently being manufactured accessible for inspection by members of the company— (i) at the company’s registered office or at a spot prescribed by restrictions designed underneath portion 657, for a period of not a lot less than fifteen times ending within the day of the Assembly; and (ii) on the meeting.

(5) The directors of a company need to not specify a new accounting reference date in relation to an accounting reference interval In order to extend the period of time to lengthier than eighteen months. (6) The administrators of the company should not specify a whole new accounting reference day in relation to the current or prior accounting reference interval In order to extend that period of time if— (a) These directors have specified a fresh accounting reference date in relation to an earlier accounting reference time period In order to increase that ancient times; and (b) the sooner accounting reference period finished in five a long time ahead of the new accounting reference day is specified. (7) Subsection (6) does not use if— (a) The brand new accounting reference day to generally be specified by the administrators coincides While using the accounting reference date of a holding company in the company; or (b) the specification is accredited by a users’ resolution. (eight) If a company contravenes subsection (2), the company, and each accountable individual with the company, dedicate an offence, and each is liable to a high-quality at level 3 and, in the case of a continuing offence, to an additional great of $300 for every day through which the offence carries on. (9) On this section— former accounting reference interval(對上的會計參照期), in relation to the company, means the accounting reference duration of the company immediately previous the company’s latest accounting reference period. Part: Division: 9 4 Preparation of economic Statements and Administrators’ Reports

Cap 622 - Corporations Ordinance 173 (a) to eliminate a director; or (b) to appoint anyone instead virgin islands company formation of a director so eliminated in the meeting at which the director is taken out. Take note— See also area 578 which sets out the requirements relating to Exclusive detect. (5) A vacancy established through the removal of the director, if not crammed within the Conference at which the director is taken out, could be loaded as a casual vacancy. (6) A person appointed director in place of a taken out director is always to be regarded, for the purpose of deciding some time at which that human being or any other director is usually to retire, like that person experienced turn into director around the working day on which the person eradicated was previous appointed a director. (seven) In relation to some resolution to eliminate a director prior to the stop in the director’s expression of Business office, no share may possibly, with a poll, carry a better quantity of votes than it could have in relation towards the generality of matters being voted on in a standard meeting with the company. (8) If a share carries Particular voting rights (that may be to convey, legal rights diverse from These carried by other shares) in relation to some matters but not Many others, the reference in subsection (seven) to the generality of matters for being voted on in a basic meeting of the company would be to be construed being a reference for the matters in relation to which the share carries no special voting rights. (nine) This section is to not be thought to be depriving anyone of payment or damages payable to the person in regard of the termination of— (a) the person’s appointment as director; or (b) any appointment terminating with that as director. Part: 463 Director’s proper to protest in opposition to removing L.N. 163 of 2013 03/03/2014 (one) On receipt of detect of the resolution beneath segment 462(four) to get rid of a director, the company will have to forthwith mail a copy of the discover for the director involved. (2) The director (if a member of your company) is entitled to generally be heard on the resolution with the Assembly at which the resolution is voted on.

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Within this Division— continuing provision (續用條文) suggests a provision on the predecessor Ordinance that has a continuing effect underneath this Routine. 36. References to volume compensated on shares issued just before commencement day* of part a hundred thirty five

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(1) Part 57 on the predecessor Ordinance, as in force straight away ahead of its repeal, continues to use for the payment of interest by a company When the special resolution less than paragraph (a) with the proviso to that area authorizing the payment was passed prior to the repeal, irrespective of when the sanction with the courtroom with the payment is acquired. (two) Without having restricting subsection (1), the company may possibly charge fascination to capital in accordance with area 57 of your predecessor Ordinance if— (a) curiosity was paid out by a company in accordance with that portion in advance of its repeal, but not charged to funds; or (b) desire is paid by a company following the repeal in accordance which has a Specific resolution handed under paragraph (a) on the proviso to that portion before the repeal, despite once the sanction of the court to the payment is attained.

Cap 622 - Companies Ordinance 349 (i) is of A sort authorized by any doc constituting or regulating that other undertaking; and (ii) is permitted because of the legislation beneath which that other undertaking is founded. (3) In subsection (one)(b), a reference on the voting rights within an undertaking is— (a) in the situation of the undertaking aquiring a share cash, a reference on the legal rights given for the members in respect in their shares; or (b) in the case of an endeavor not possessing a share money— (i) Should the undertaking is needed to carry basic conferences at which issues are made the decision by the work out of voting legal rights, a reference towards the rights given on the users to vote at the general meetings on all matters or on significantly all issues; or (ii) In the event the endeavor is not required to hold these kinds of general meetings, a reference towards the rights under the undertaking’s constitution to immediate the enterprise’s overall policy or to change the phrases of that Structure. (4) To the applications of subsection (one)(b), an enterprise is usually a member of another enterprise if— (a) anyone performing on behalf of it, or of any of its subsidiary undertakings, holds shares in that other undertaking; or (b) any of its subsidiary undertakings is actually a member of that other undertaking.