PLC Paper No. LS 29
Paper for the
House Committee Meeting
of the Provisional Legislative Council on
3 October 1997
Legal Service Division Report on
- Resolution under section 296 of the Companies Ordinance (Cap. 32)
- Resolution under section 15(2) of the Registered Trustees Incorporation Ordinance (Cap. 306)
The Secretary for Financial Services has given notice to move the above two resolutions under section 296 of the Companies Ordinance (Cap. 32) and under section 15(2) of the Registered Trustees Incorporation Ordinance (Cap. 306) respectively on 15 October 1997. The purpose of the resolutions is to seek the Provisional Legislative Council's approval of:
- the Companies (Fees and Percentages) (Amendment) (No. 2) Order 1997;
- the Registered Trustees Incorporation Ordinance (Amendment of Second Schedule) Order 1997.
Companies (Fees and Percentages) (Amendment) (No. 2) Order 199
2.This Order is made pursuant to section 296(3) of the Companies Ordinance (Cap. 32) which provides that the Chief Justice may, with the approval of the Provisional Legislative Council, by order, direct the fees payable in respect of proceedings under the Companies Ordinance.
3.This Order amends Table A of Schedule 3 to the Companies (Fees and Percentages) Order (Cap. 32 sub. leg.). It increases three fee items payable to the Registrar of Companies in relation to the inspection and photocopying of liquidator's statements sent to the Registrar under the Companies Ordinance. The fees were last revised in March 1996. According to the Administration, the fees are increased on average by 9% in line with increase in costs due to inflation as measured by the movement of the Government Consumption Expenditure Deflator.
Registered Trustees Incorporation Ordinance (Amendment of Second Schedule) Order 1997
4.This Order is concerned with increases in fees payable to the Registrar of Companies in relation to inspection, certification and registration of documents relating to trustees corporations. According to the Administration, the increase is a result of increase in costs due to inflation.
5.If the two resolutions are passed, the new fees will come into operation on 1 December 1997. The legal and drafting aspects of the orders and the draft resolutions are in order.
Ho Ying-chu, Anita
Assistant Legal Adviser
Provisional Legislative Council Secretariat
29 September 1997
