HIGHLIGHTS OF MAJOR CHANGES IN NEW COMPANIES ORDINANCE
|
|
- Millicent Bailey
- 8 years ago
- Views:
Transcription
1 HIGHLIGHTS OF MAJOR CHANGES IN NEW COMPANIES ORDINANCE Kevin Wong ( 黃 河 ) -- China-Appointed Attesting Officer ( 中 國 委 托 公 証 人 ) -- Hong Kong Solicitor -- England & Wales Solicitor -- Consultant of S.T. Cheng & Co., Solicitors HK Mobile : PRC Mobile : con@stcheng.com / megashark2012@gmail.com
2 New Companies Ordinance New Companies Ordinance Chapter 622 Passed on 12 July 2012 Come into operation on 3 March Parts 921 Sections Schedules Regulations Current CO Vs 367 Sections Vs 24 Schedules
3 After the Change Existing CO (Cap.32) Provisions on existing companies e.g. Share Capital, Directors, Company Secretaries, Meetings Companies Ordinance (Cap 622) Insolvency provisions Prospectus provisions Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32)
4 To Enhance Corporate Governance To Ensure Better Regulation To Facilitate Business To Modernize the Law
5 Types of Companies (New CO) Limited Liability vs Unlimited Liability A. limited company : (i) limited by shares (S.8) (ii) limited by guarantee (S.9) A company limited by guarantee must not have capital. B. unlimited company (S.10) Unlimited company must have share capital.
6 Types of Companies (New CO) Private Company vs Public Company A. Private company (S.11, New CO) : (i) restrictions in connection with private company under the Existing CO (S.29) retained; (ii) it is not a company limited by guarantee. B. Public company (S.12) (defined in New CO) (i) it is not a private company; and (ii) it is not a company limited by guarantee.
7 COMPANY FORMATION AND RELATED MATTERS AND REGISTRATION OF COMPANY 5 Types of companies formed in New CO (S.66) : Private company limited by shares Public company limited by shares Private unlimited companies with a share capital Public unlimited companies with a share capital Companies limited by guarantee without a share capital
8 FORMATION OF COMPANY (S.67) A.A is the sole constitution [ No more MA] Conditions of M.A of an existing company will be regarded as provisions of the company s articles 5 mandatory articles 3 sets of model articles Public company limited by shares Private company limited by shares Companies limited by guarantee
9 Abolition of Conditions of MA Authorized Share Capital Par Value of Share
10 PAR VALUE Accounting for share issues under par value ( PV ) and no -par value ( NPV ) mechanisms: Issue 1 share at an issue price of $100 (a) Under a PV share mechanism where the PV of the share is $10 Dr CASH 100 Cr Share capital 10 (b) Under a NPV share mechanism Share premium Dr CASH 100 Cr Share capital
11 ABOLITION OF PAR VALUE Existing CO : shares issued by a Hong Kong company with a share capital must have a par value. New CO (a) S.135(1) : shares in a company have no nominal value. (b) S.135(2) : this applies to shares issued before, on or after the effective date of the New CO. (c) S.37 of Schedule 11 : any amount in a company s existing share premium account (and also capital redemption reserve) will become part of the company s share capital. (d) S.170 : alteration of capital : increase of capital, capitalization of profit, issue of bonus shares, consolidation or subdivision of shares are feasible. (e) S.172 : redenomination of currency of its share capital.
12 Five mandatory articles Company Name Company s objects Members Liabilities Liabilities or contributions of members of limited company (S.84) Capital and initial shareholdings S.81 S.82 S.83 S.85 mandatory for companies licensed to dispense with Limited in their name Limited Unlimited S.8 of schedule 2- Statement of capital and initial shareholdings
13 S. 8 Schedule 2- Statement of Capital and Initial Shareholdings Total number of share proposed to issue Total amount of share capital to be subscribed by the founder members Total amount to be paid up and to remain unpaid on the total number of shares proposed to be issued on formation and similar information for each class of shares (if any)
14 LIMITATION OF DIRECTOR S POWER IN THE ARTICLES S.117 : Transaction or act binds company despite limitation in articles etc. The power of the company s directors to bind the company is to be regarded as free of any limitation under any relevant document of the company. S.120 : No notice of any matter merely because it is disclosed in (a) the articles of a company kept by the Registrar; or (b) a return or resolution kept by the Registrar.
15 Transactions in relation to Share Capital Modified and new provisions Reduction of capital Share redemptions Buy-backs Financial assistance to acquire its own shares
16 Share Capital Reduction The court free procedure can be summarized in the following time frame All the directors make a solvency statement (S.216(1)) Within 15 days of the date of the solvency statement, the members must pass a special resolution i.e. at least 75% of those voting to approve the proposal (S.216(2)) After the special resolution, the company must publish a notice of capital reduction in Gazette and the newspapers (S.218(1)) On the date of the publication of notice of reduction or earlier, the company delivers to the Registrar for registration the solvency statement (S.218(5)) The company must allow a 5-week period after the date of the special resolution for members or creditors to raise objections (S.220(1)) Assuming no objections raised, the company must deliver, no earlier than 5 weeks and no later than 7 weeks after the date of special resolution, a return (including a statement of capital) to the Registrar stating reduction of capital (S.224(1)) Reduction of share capital becomes effective on the return registered by the Registrar (S.225(1))
17 Existing CO: Redemption / Buy-back of Shares - shares are to be repurchased/redeemed out of distributable profits or the proceeds of a fresh issue of shares. - only private companies are permitted to fund a buy -back by payment out of capital based on a solvency statement made by the directors, on which the auditors must report, as well as publicizing the plan to allow time for creditors or members to object (unless the court is involved). New CO : - S.257 : all companies may redeem/buy back its own shares out of capital, provided the necessary procedures are followed. - S.257(3) : Exception : a buy -back by a listed company of its own shares from a recognized stock market or approved stock exchange.
18 Redemption / Buy-back of Shares S.259(1) : The statutory procedures are as follows : - the solvency statement made by all directors, - approval by special resolution passed by the members, within 15 days after the date of the solvency statement, - payment out of capital to be made not earlier than 5 weeks and no later than 7 weeks after the date of the special resolution, - (i) delivery to the Companies Registrar for registration of a solvency statement, - (ii) publication of a notice in the Gazette and newspaper, - (iii) the 5-week period of allowing members or creditors to raise objection, - (iv) delivery to CR of a return of share redemption/buy -back
19 Financial Assistance for Acquisition of Own Shares Existing CO: - a company and its subsidiaries cannot give financial assistance directly or indirectly for the purpose of an acquisition of shares in the company. New CO : - The prohibition is retained. - S.275(3) : No prohibition of financial assistance given for the purpose of an acquisition of shares in its holding company which is incorporated outside Hong Kong. - S.276 : A financial assistance given in contravention of the New CO, the validity of such financial assistance and its related contracts remain effective but the company and every responsible person of the company is liable to a fine of HK$150,000 and to imprisonment for 12 months (s. 275 (4)). - S : to allow all types of companies (listed or unlisted) to provide financial assistance, subject to satisfaction of the solvency test and one of the three procedures.
20 Directors Resolution to approve the assistance (S.283(1)(a), 284(1)(a), 285(1)(a)) The board resolution must set out the basis for the decision to approve the provision of financial assistance Director s voting in favour make a solvency statement (S.283(1)(b), 284(1)(b), 285(1)(b)) 1) financial assistance (including previous financial assistance granted under this procedure that has not been repaid) not exceeding 5% of share capital and reserves of the company as disclosed in the most recent audited financial statements of the company (S.283(1)(c)); or 2) financial assistance approved by written resolution of all members (S.284(1)(c)); or 3) financial assistance with the approval of members by ordinary resolution (S.285(1)(d)) (ii) (i), (ii) & (iii) (i) & (ii) (i) company sends to each member a copy of the solvency statement and a notice (ii) financial assistance given not more than 12 months after the date of the solvency statement (iii) assistance given not less than 28 days after the passage of the resolution (S.285(1)(e)(i))
21 Solvency Test New CO: - S.205 : A company satisfies a solvency test in relation to a transaction if : - (a) immediately after the transaction there will be no ground on which the company could be found to be unable to pay its debts; and - (b) either - (i) if it is intended to commence winding up within 12 months, the company will be able to pay its debts in full 12 months of the commencement of the winding up; or - (ii) in any other case the company will be able to pay its debts as they become due during 12 months after transaction. Solvency Statement - S.206(1) : A solvency statement is a statement that each of the directors making it has formed the opinion that the company satisfies the solvency test in relation to the transaction. - A solvency statement must be made and signed by : - all directors for buy-backs and reductions of capital, and - signed by a majority of directors for financial assistance. Auditors are no longer required to give any assurance in connection with this statement.
22 Seal Existing CO: every company must have a common seal but it is silent on execution requirements. New CO: S.124 : Adoption and use of common seal (which must be a metallic seal) will become optional. Execution Procedure S.127(2): A company may execute a document under its common seal by affixing its common seal in accordance with the provisions of its articles of association; S.127(5): A document has effect as if executed under the company s common seal if signed in accordance with S.127(3) and expressed to be executed by the company. S.127(3): A company may execute a document by signing the document by any two directors or any director and the company secretary or (in the case of a single-director company) its sole director. S.128(1): A company may execute a document as a deed where : - execution of the document must be in accordance with S.127 outlined above; - the document must be expressed to be executed by the company as a deed; and - the document must be delivered as a deed.
23 Registration of Charges ( Part 8 New CO) Changes to the list of registrable charges Adding a charge on instalments due, but not paid, on the issue price of shares Adding charge on an aircraft or share in an aircraft Charges on bank accounts or cash deposit and a ship owner s lien on subfreights for amounts due under a charter are not charges on book debts and are not registrable.
24 Registration of Charges Existing CO: There are uncertainties and ambiguities with the provisions. New CO: New provisions to eliminate the unclear and redundant items. - Replacing the automatic acceleration of repayment obligation Existing CO: if a charge becomes void due to non -registered with CR within prescribed time limit, the money secured by it would automatically become immediately payable; New CO : S.337(6) replaces the word automatic by discretionary, so that the lender can determine if the secured amount is to become immediately payable; - Requiring to register a certified copy of the charge instrument that is allowed to be inspected by the public Existing CO: only prescribed particulars of the charge is available for public inspection, but not the charge instrument itself; New CO: both a certified copy of the charge instrument (if any) and the prescribed particulars of the charge are registrable and available for public inspection;
25 Registration of Charges - Shorten the filing period to CR of a certified copy of the charge instrument and the prescribed particulars from 5 weeks to 1 month Existing CO: has to file to CR within 5 weeks; New CO : shorten the filing period to 1 month; "month" ( 月 ) means calendar month (S. 3 Interpretation and General Clauses Ordinance)
26 Directors and company secretaries Two major changes A private company (Not related to a public company) Codification of the common law on the standard of care of a director Must have at least one director who is a natural person
27 DIRECTOR S DUTY OF CARE, SKILL AND DILIGENCE - CODIFICATION New CO S.465 : a director s statutory duty to exercise reasonable care, skill and diligence: (i) objective test, and (ii) subjective test. Reasonable care, skill and diligence means : - one which would be exercised by a reasonably diligent person with
28 DIRECTOR S DUTY OF CARE, SKILL AND DILIGENCE - CODIFICATION Objective test : the general knowledge, skill and experience that may reasonably be expected of a person carrying out the functions carried out by the director; Subjective test : the general knowledge, skill and experience that the director has S.465 (New CO) applies to a shadow director.
29 New indemnity provisions Relieving offices from liability and provision of director s liability insurance Existing CO New CO A Company s indemnity against directors liability in the Company s articles is void, unless in compliance with the requirements under S.165(2) i.e. for paying the costs incurred for defending proceedings (civil or criminal). S.468(3) : A Company s indemnity for its directors or its associated company s directors against such director s liability for negligence, default, breach of duty or breach of trust in relation to the Company or its associated company is void. S.468(4): this section does not prevent a company from taking out an insurance (for the directors). S.469 : the indemnity is a permitted indemnity provision if it provides for indemnity against liability incurred by a director to a 3 rd party provided no indemnity against directors liability to pay for penalty for regulatory non-compliance, to defend criminal or civil proceedings for which judgment is obtained against the director.
30 Chart 24 S.473 Ratification of conduct of directors involving negligence, default, breach of duty or breach of trust in relation to the company Can only be ratified by resolution of the members of a company
31 Fair Dealing by Directors Perceived to have a conflict of interest situation Extend the prohibition on loans directors to cover a wider category of persons connected with a director New exemptions from the prohibition approval of members s s.496
32 Fair Dealing by Directors new exceptions criminal penalties small loans 5% expenditure on defending proceedings etc Existing CO s.157j have been abolished called up capital or net assets But transaction is voidable
33 Fair Dealing by Directors prohibitions on payments new exception directors for loss of office small payments extended payment by a company to a director of its holding company to payments to entities connected with a director or former director not exceeding $100,000 s.517
34 Fair Dealing by Directors widens the ambit of disclosure of material interest (Existing CO s.162) s.536(1) for public companies transaction adds arrangement procedures for declaration of interest to other directors clarified includes disclosure by a director of any material interest entities to the current "contract and extent to the current nature extended to shadow directors
35 Company Administration and Procedure resolutions meetings company records the registered office the annual return
36 Important change the expansion of the single provision as to written resolutions in the Existing CO s.116b The articles of the company may provide alternative procedures ss who may propose a written resolution? company s duty to circulate written resolutions procedure for signifying agreement period for agreeing to a proposed written resolution Court may intervene if rights of circulation are abused
37 Company Administration and Procedure Notice of Meeting Publication on website Change in number of days S.571 Enhanced powers for members to require the circulation of members resolution and statements s.573 New Period of Notice AGM 21 Days 14 days for limited co 7 days for unlimited co s s.615
38 Company Administration and Procedure A company may hold a general meeting At two or more places Using any technology Enable Members Listen Speak Vote
39 New provisions with regard to the right to demand a poll Rights of proxies Clarifying Existing CO s.114d Reduce threshold 10% Removed current requirement of onetenth of the paid up capital 5% New CO s.591
40 Existing CO s.111(6) New CO AGM A company is not required to hold an AGM if it has only one member AGM is dispensed with by unanimous members consent s.612 (2) (a) s.612 (2) (b)
41 Miscellaneous Offences Relief to officers or auditors of a company in proceedings for misconduct and security for costs New power for the Registrar of Companies to compound specified offences : Companies Registrar may offer not to prosecute a person in breach provided he/she/it pays and remedies the breach within a specified period.
42 Thank you!
Twenty five essential things to know about the New Companies Ordinance
August 2012 Twenty five essential things to know about the New Companies Ordinance Introduction On 12 July 2012, the Legislative Council in Hong Kong passed the new Companies Ordinance (the New Ordinance
More informationKey changes under the 2014 Hong Kong Companies Ordinance. www.charltonslaw.com
Key changes under the 2014 Hong Kong Companies Ordinance www.charltonslaw.com 0 Introduction Key Changes under the NCO The New Companies Ordinance (Cap. 622) (NCO) came into force on 3 March. The previous
More informationUpdate on Company Law. Hong Kong Arts Administrators Association 10 th March 2014 2:00pm 4:00pm
Update on Company Law Hong Kong Arts Administrators Association 10 th March 2014 2:00pm 4:00pm 1 Introduction Rewrite of the Companies Ordinance was endorsed by the Legislative Council in mid- 2006 The
More informationMajor Changes Introduced by the New Companies Ordinance Private and Public Companies 1
Major s Introduced by the New Companies Ordinance Private and Public Companies 1 1. Abolition of Memorandum of Association Memorandum of Association is abolished for all local companies. Current provisions
More informationPart 10. Directors and Company Secretaries
Part 10 Division 1 Subdivision 1 Section 453 A4183 Part 10 Directors and Company Secretaries Division 1 Appointment, Removal and Resignation of Directors Subdivision 1 Requirement to have Directors 453.
More informationKeynote Speech by. Ms Ada Chung JP, Registrar of Companies, Companies Registry. Forum on the New Companies Ordinance What Directors Need to Know
Forum on the New Companies Ordinance What Directors Need to Know 從 董 事 角 度 認 識 新 公 司 條 例 研 討 會 17/3/2014 Keynote Speech by Ms Ada Chung JP, Registrar of Companies, Companies Registry ORGANISER 主 辦 機 構
More informationcapital shares New Companies administration procedures management statements
capital shares New Companies Ordinance in hong kong administration procedures management statements Belinda Wong Director Leader Corporate Services Limited On 3 CO ) comprising of 921 March 2014, a new
More informationIntroduction to Hong Kong Company Law
Introduction to Hong Kong Company Law Building Surveying Division and Quantity Surveying Division of The Hong Kong Institute of Surveyors (HKIS), and Hong Kong Institute of Construction Managers (HKICM)
More informationMajor Changes Introduced by the New Companies Ordinance Companies Limited by Guarantee 1
Major s Introduced by the New Companies Ordinance Companies Limited by Guarantee 1 1. Abolition of Memorandum of Association Memorandum of Association is abolished for all local companies. Current provisions
More informationThe new Hong Kong Companies Ordinance, Chapter 622 of the Laws of Hong Kong, (the New CO )
New Hong Kong Companies Ordinance Introduction The new Hong Kong Companies Ordinance, Chapter 622 of the Laws of Hong Kong, (the New CO ) came into operation on 3 March 2014. The New CO consists of 21
More informationExplanatory Notes to Sample B MODEL ARTICLES OF ASSOCIATION FOR PRIVATE COMPANIES LIMITED BY SHARES
Explanatory Notes to Sample B MODEL ARTICLES OF ASSOCIATION FOR PRIVATE COMPANIES LIMITED BY SHARES This Model Articles of Association is the Model Articles prescribed in Schedule 2 of the Companies (Model
More informationNew Companies Ordinance Briefing Notes on Part 5 Transactions in relation to Share Capital
New Companies Ordinance Briefing Notes on Part 5 Transactions in relation to Share Capital INTRODUCTION Part 5 (Transactions in relation to Share Capital) of the new Companies Ordinance ( new CO ) contains
More informationExplanatory Notes to Sample A. ARTICLES OF ASSOCIATION FOR PRIVATE COMPANIES LIMITED BY SHARES (Simplified Form)
Explanatory Notes to Sample A ARTICLES OF ASSOCIATION FOR PRIVATE COMPANIES LIMITED BY SHARES (Simplified Form) Sample A is a Simplified Form of Articles of Association for private companies limited by
More informationA Practical Comparison of the 1931 and 2006 Isle of Man Companies Acts
A Practical Comparison of the 1931 and 2006 Isle of Man Companies Acts First published August 2009 This update: November 2010 *Available at www.simcocks.com on the Corporate and Commercial page listed
More informationPart 3. Company Formation and Related Matters, and Re-registration of Company
Part 3 Division 1 Subdivision 1 Section 66 A3491 Part 3 Company Formation and Related Matters, and Re-registration of Company Division 1 Company Formation Subdivision 1 General Requirements for Formation
More information[ ] numbers in brackets refer to the clause number in the regulations.
DMCC COMPANY REGULATIONS (1/03) AT A GLANCE This document sets out to summarise the main Company Rules and Regulations applicable within the DMCC Free Zone. You are recommended to read the full edition
More informationCompanies (Model Articles) Notice. Contents
B2195 Companies (Model Articles) Notice Contents Section Page 1. Commencement...B2197 2. Model articles for public companies limited by shares...b2197 3. Model articles for private companies limited by
More informationtechnical factsheet 177 Company purchase of own shares
technical factsheet 177 Company purchase of own shares CONTENTS 1. Introduction 2. Legal aspects 3. Taxation 4. Accounting 5. Reporting 6. General business planning issues 7. Ethical considerations for
More informationPart 9. Accounts and Audit
Part 9 Division 1 Section 357 A3977 Part 9 Accounts and Audit Division 1 Preliminary 357. Interpretation (1) In this Part annual consolidated financial statements ( ) means the consolidated statements
More informationREQUIREMENTS OF NEW ZEALAND COMPANY (LIMITED LIABILITY COMPANY)
ABACONDA MANAGEMENT GROUP REQUIREMENTS OF NEW ZEALAND COMPANY (LIMITED LIABILITY COMPANY) COMPANIES ACT 1993 SUMMARY WITH REFERENCES 2011 Table of Contents Shares of New Zealand Company... 2 Shareholders
More informationSetting up a business in Hong Kong
Setting up a business in Hong Kong Contents A Introduction 2 1 General 2 2 Branch or subsidiary 3 Business registration 4 Registration of charges 5 Additional licences and consents 6 Prospectuses B Hong
More informationPart 9 Accounts and Audit
Part 9 Accounts and Audit INTRODUCTION Part 9 (Accounts and Audit) of the new Companies Ordinance (Cap. 622) ( new CO ) contains the accounting and auditing requirements, namely provisions in relation
More informationThe Companies Act 2014
The Companies Act 2014 Agenda new company types overview of changes in the Act impact on the role of directors accounting matters What has happened? Companies Act 2014 (the "Act") consolidates all old
More informationLAWS OF SOUTH SUDAN THE COMPANIES ACT, 2012 JUBA. 21 st FEBRUARY 2012. Printed and Published by the Ministry of Justice
LAWS OF SOUTH SUDAN THE COMPANIES ACT, 2012 21 st FEBRUARY 2012 JUBA Printed and Published by the Ministry of Justice LAWS OF SOUTH SUDAN THE COMPANIES ACT, 2012 ARRANGEMENT OF SECTIONS. CHAPTER I PRELIMINARY
More informationA GUIDE TO THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE
A GUIDE TO THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE Issued by THE REGISTRAR OF OCCUPATIONAL RETIREMENT SCHEMES Level 16, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. ORS/C/5
More informationBills Committee on Companies Bill. Part 1, Part 3 and Part 17 of the Companies Bill
Bills Committee on Companies Bill Part 1, Part 3 and Part 17 of the Companies Bill CB(1)1671/10-11(03) PURPOSE This paper outlines the major proposals and policy issues in Part 1 (Preliminary), Part 3
More informationDirectors Duties. Directors Duties
Directors Duties The Companies Act 2014 (the Act ), for the first time, codifies directors duties, drawing together both existing statutory rules on transactions involving directors and also the various
More informationThe new Hong Kong Companies Ordinance (Cap. 622) (New CO) came into effect
Skadden Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates If you have any questions regarding the matters discussed in this article, please contact the following lawyer or call your regular Skadden
More informationNew Co. Ordinance and Revised SME-FRS 18 June 2014
New Co. Ordinance and Revised SME-FRS 18 June 2014 LAM Chi Yuen Nelson 林 智 遠 MBA MSc BBA ACA ACS CFA CPA(US) CTA FCCA FCPA FCPA(Aust.) FHKIoD FTIHK MHKSI MSCA 2014 Nelson Consulting Limited 1 Today s Agenda
More informationAct 1 Companies Act 2012
ACTS SUPPLEMENT No. 1 18th September, 2012. ACTS SUPPLEMENT to The Uganda Gazette No. 52 Volume CV dated 18th September, 2012. Printed by UPPC, Entebbe, by Order of the Government. Act 1 Companies Act
More informationUniversity of Trier English Law Helen Campbell, Lecturer
University of Trier English Law Helen Campbell, Lecturer Company Law Types of Business Associations --sole trader --partnership --company (aka corporation: management is separated from ownership) --limited
More informationNational Technical. New Companies Ordinance in Hong Kong How does the new CO affect accountants in preparing financial statements?
National Technical New Companies Ordinance in Hong Kong How does the new CO affect accountants in preparing financial statements? New Companies Ordinance in Hong Kong How does the new CO affect accountants
More informationNew Companies Ordinance. Briefing Notes on Part 3. Company Formation and Related Matters, and Re-registration of Company
New Companies Ordinance Briefing Notes on Part 3 Company Formation and Related Matters, and Re-registration of Company INTRODUCTION Part 3 (Company Formation and Related Matters, and Re-registration of
More informationA Guide to Transactions Involving Directors. www.odce.ie
A Guide to Transactions Involving Directors www.odce.ie COPYRIGHT STATEMENT The contents of this document are the copyright of the Director of Corporate Enforcement. Nothing herein should be construed
More informationJebel Ali Free Zone Authority JEBEL ALI FREE ZONE AUTHORITY
JEBEL ALI FREE ZONE AUTHORITY OFFSHORE COMPANIES REGULATIONS 2003 1 Part 1: GENERAL 1 1. Title 8 2. Legislative authority 8 3. Date of enactment and commencement 8 4. Interpretation 8 Part 2: COMPANY FORMATION
More informationComparison of Laws in Bermuda, the Cayman Islands and the British Virgin Islands Relating to Offshore Companies
Comparison of Laws in Bermuda, the Cayman Islands and the British Virgin Islands Relating to Offshore Companies Foreword This memorandum has been prepared for the assistance of those who are considering
More informationImplications of the Companies Bill 2012 for guarantee company charities Presentation to the Carmichael Centre 6 March 2013
Implications of the Companies Bill 2012 for guarantee company charities Presentation to the Carmichael Centre 6 March 2013 By Dr Thomas B Courtney Contents of Presentation 1. Background to the Companies
More informationA guide for directors of subsidiary companies in Hong Kong. August 2011
A guide for directors of subsidiary companies in Hong Kong August 2011 Dear reader, Welcome to our guide for directors and prospective directors of subsidiary companies in Hong Kong. While the duties of
More informationREPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009. Arrangement of Sections
REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009 Arrangement of Sections PART 1 INTRODUCTION 1 Interpretation... PART 2 ESTABLISHMENT OF OFFSHORE LIMITED PARTNERSHIPS 2 Offshore limited
More information9.1. Legal status of a company and Registration of a company
9. Corporate Law 9.1. Legal status of a company and Registration of a company A company is a body corporate and a juristic person. It has a distinct legal personality separate from its shareholders. [Section
More informationPrivate company limited by guarantee. and not having a share capital ARTICLES OF ASSOCIATION
Private company limited by guarantee and not having a share capital ARTICLES OF ASSOCIATION of WOMEN IN FILM AND TELEVISION (UK) LIMITED (the Company ) () 1. DEFINITIONS AND INTERPRETATIONS 1.1 In these
More informationCORPORATE GOVERNANCE AND KEY COMPANY LAW ISSUES IN CHALLENGING ECONOMIC TIMES
CORPORATE GOVERNANCE AND KEY COMPANY LAW ISSUES IN CHALLENGING ECONOMIC TIMES INTRODUCTION Directors stand in a fiduciary relationship to the company and there are general fiduciary duties imposed upon
More informationGUIDE TO COMPANIES IN THE CAYMAN ISLANDS
GUIDE TO COMPANIES IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 Introduction 2 PART A: Exempted Companies 2 1. Classification 2 2. Company Names 2 3. Memorandum of Association 3 4. Articles of Association
More informationCompanies (Winding Up and Miscellaneous Provisions) (Amendment) Bill 2015. Contents
C1357 Companies (Winding Up and Miscellaneous Provisions) (Amendment) Bill 2015 Contents Clause Page Part 1 Preliminary 1. Short title and commencement... C1403 2. Enactments amended... C1405 Amendments
More informationAn overview of Jersey company law
www.bedellgroup.com Jersey Guernsey London Dublin Mauritius BVI Singapore An overview of Jersey company law Bedell Cristin Jersey The Companies (Jersey) Law 1991 (the "Law") came into force on 30 March
More informationComparison of Companies - Cayman Islands, British Virgin Islands and Jersey
Comparison of Companies - Cayman Islands, British Virgin Islands and Jersey Introduction The decision as to where to incorporate an offshore company can only be made based on the specific features of the
More informationCHAPTER 110 THE COMPANIES ACT.
CHAPTER 110 THE COMPANIES ACT. Commencement. I January, 1961. An Act to amend and consolidate the law relating to the incorporation, regulation and winding up of companies and other associations and to
More informationHong Kong Business Associations Notes
Hong Kong Business Associations Notes 2016 1 st Edition PCLLConversion.com Copyright PCLLConversion.com 2016 Page 1 TABLE OF CONTENTS 1. INTRODUCTION... 5 A. How to use Conversion Notes... 5 B. Abbreviations
More informationARTICLES OF ASSOCIATION OF
ARTICLES OF ASSOCIATION OF SAMPLE LIMITED 樣 板 有 限 公 司 Incorporated the 13 th day of Au gust, 9. HONG KONG No. [COPY] CERTIFICATE OF INCORPORATION * * * I hereby certify that SAMPLE LIMITED 樣 板 有 限 公 司
More informationChapter: 32 COMPANIES ORDINANCE Gazette Number Version Date. Long title 30/06/1997. To consolidate and amend the law relating to companies.
Chapter: 32 COMPANIES ORDINANCE Gazette Number Version Date Long title 30/06/1997 To consolidate and amend the law relating to companies. [1 July 1933] (Originally 39 of 1932 (Cap 32, 1950)) Section: 1
More informationChapter 7 Examinerships. 1219. Application of section 748(2) to CLGs. Chapter 9 Public offers of securities, prevention of market abuse, etc.
Chapter 7 Examinerships 1218. Petitions for examinerships. Chapter 8 Investigations 1219. Application of section 748(2) to CLGs. Chapter 9 Public offers of securities, prevention of market abuse, etc.
More informationNumber 38 of 2014. Companies Act 2014 VOLUME 2 SECTIONS 963 TO 1448 AND SCHEDULES 1 TO 17
Number 38 of 2014 Companies Act 2014 VOLUME 2 SECTIONS 963 TO 1448 AND SCHEDULES 1 TO 17 [2014.] Companies Act 2014. [No. 38.] PART 16 DESIGNATED ACTIVITY COMPANIES CHAPTER 1 Preliminary and definitions
More information立 法 會 Legislative Council
立 法 會 Legislative Council Paper for the House Committee Meeting on 16 October 2015 Legal Service Division Report on Companies (Winding Up and Miscellaneous Provisions) (Amendment) Bill 2015 LC Paper No.
More informationCFRED s Third Company Law Colloquium PERSPECTIVES ON THE NEW COMPANIES ORDINANCE. The Process and Some Outcomes
CFRED s Third Company Law Colloquium PERSPECTIVES ON THE NEW COMPANIES ORDINANCE The Process and Some Outcomes by Ted Tyler Department of Justice HKSARG The views given are those of the presenter s and
More informationHow To Become A Director Of A Company
Company Directors' Responsibilities CONTENTS Company Directors' Responsibilities 2 Disqualification 4 The Powers And Duties Of Company Directors 6 Basic Statutory Obligations Of A Company Under The Companies
More informationGuidance on the Requirements of Section 436 of the Hong Kong Companies Ordinance Cap.622
AB 6 Issued June 2015 Accounting Bulletin 6 Guidance on the Requirements of Section 436 of the Hong Kong Companies Ordinance Cap.622 COPYRIGHT Copyright 2015 Hong Kong Institute of Certified Public Accountants
More informationINTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW
REPUBLIC OF CYPRUS INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW (No 47(I) of 1999) English translation prepared by The Central Bank of Cyprus ARRANGEMENT OF SECTIONS PART I PRELIMINARY AND GENERAL Section
More informationCompanies Bill 2012. Amendments Made by the Houses of the Oireachtas. briefing
by the Houses of the briefing This briefing is based on the Companies Bill as it has completed Report Stage and Final Stage in Seanad Éireann (30 September 2014). A general briefing on the Companies Bill
More information1.1 Any regulations made under the legislation containing standard articles of association do not apply to the Company.
Company Number: 1800000 1 PRELIMINARY COMPANY LIMITED BY SHARES ARTICLES of ASSOCIATION of BRITISH TELECOMMUNICATIONS public limited company (Adopted by a special resolution on 5 August 2010) 1.1 Any regulations
More informationAn Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer
An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer November 2011 1 An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent
More informationNew Companies Ordinance (Chapter 622) Highlights
New Companies Ordinance (Chapter 622) Highlights DISCLAIMER The highlights on each part of the new Companies Ordinance ( the New Ordinance ) contained in this booklet are intended to provide general information
More informationPART 16. Designated Activity Companies. Chapter 1. Preliminary and definitions. 965. In this Part
PART 16 Designated Activity Companies Chapter 1 Preliminary and definitions 5 10 15 965. In this Part constitution shall be read in accordance with section 969(1); DAC limited by guarantee means a DAC
More informationPLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.
PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to April 1, 2015. It is intended for information and reference purposes only. This
More informationLegal Framework of Limited Liability Partnerships and Limited Liability Companies in Singapore
Legal Framework of Limited Liability Partnerships and Limited Liability Companies in Singapore Ronnie Quek Partner Corporate & Commercial 27 February 2006 What is an LLP? 1 A body corporate Formed by registration
More informationTHE COMPANIES ACT. Commencement: 1st January,1961.
THE COMPANIES ACT. Commencement: 1st January,1961. An Act to amend and consolidate the law relating to the incorporation, regulation and winding up of companies and other associations and to make provision
More informationHow To Understand The Law Of Corporate Insolvency
Corporate Insolvency Syllabus the Small Business, Enterprise and Employment Act 2015 Academic year 2015-16 The changes brought in May 2015 will be examinable in the January 2016 exam, and those implemented
More informationThe board of directors of a company is primarily responsible for:
The board of directors of a company is primarily responsible for: Determining the company s strategic objectives and policies. Monitoring progress towards achieving the objectives and policies. Appointing
More informationBermuda Exempted Companies
Bermuda Exempted Companies Foreword This memorandum has been prepared for the assistance of those who are considering the formation of companies in Bermuda. It deals in broad terms with the requirements
More informationCompanies (Amendment) Bill
Bill No. 25/2014. Companies (Amendment) Bill Read the first time on 8 September 2014. A BILL intituled An Act to amend the Companies Act (Chapter 50 of the 2006 Revised Edition), and to make consequential
More informationClosure of a Company under Companies
Closure of a Company under Companies Act,2013 IQBAL KAUR & ASSOCIATES COMPANY SECRETARIES 12/40, First Floor, Subhash Nagar, New Delhi 110027 E-mail :, Website : Mobile: 9990847066, 7053878398 Winding
More informationCayman Islands - Duties and Liabilities of Directors
Cayman Islands - Duties and Liabilities of Directors Introduction This Memorandum provides a summary of duties and liabilities of directors of companies incorporated under the laws of the Cayman Islands.
More informationCorporate Governance. Hong Kong Prospective. Gary K L Cheung Head of Legal and Compliance Kim Eng Securities (Hong Kong) Limited
Corporate Governance Hong Kong Prospective Gary K L Cheung Head of Legal and Compliance Kim Eng Securities (Hong Kong) Limited Global Association of Risk Professionals 15 December 2014 The views expressed
More informationGuidebook. Issue of Preference Shares
Guidebook On Issue of Preference Shares Securities and Exchange Commission of Pakistan NIC Building, Jinnah Avenue, Islamabad, Pakistan Phone No. : 051-9207091-4, Fax: 051-9204915 Website: www.secp.gov.pk
More informationPart 4. Share Capital
Part 4 Division 1 Section 134 A3599 Part 4 Share Capital Division 1 Nature of Shares 134. Nature and transferability of shares (1) A share or other interest of a member in a company is personal property.
More informationTHE TRUST DEED The Trust Deed
The Trust Deed is a complex document and the following is a summary only. Investors should refer to the Trust Deed itself to confirm specific information or for a detailed understanding of The Link REIT.
More informationCOMPANIES LIMITED BY GUARANTEE
COMPANIES LIMITED BY GUARANTEE A. Members liabilities and responsibilities Liability of members The liability of members of a company limited by guarantee is limited to the amount they have agreed to contribute,
More informationCOLLECTIVE INVESTMENT FUNDS (RECOGNIZED FUNDS) (GENERAL PROVISIONS) (JERSEY) ORDER 1988
COLLECTIVE INVESTMENT FUNDS (RECOGNIZED FUNDS) (GENERAL PROVISIONS) (JERSEY) ORDER 1988 Revised Edition Showing the law as at 31 August 2004 This is a revised edition of the law Collective Investment
More informationFinancial Advisers (Amendment) Bill
Financial Advisers (Amendment) Bill Bill No. 15/2015. Read the first time on 11 May 2015. A BILL intituled An Act to amend the Financial Advisers Act (Chapter 110 of the 2007 Revised Edition). Be it enacted
More information2008 No. 3229 COMPANIES. The Companies (Model Articles) Regulations 2008
STATUTORY INSTRUMENTS 2008 No. 3229 COMPANIES The Companies (Model Articles) Regulations 2008 Made - - - - 16th December 2008 Laid before Parliament 17th December 2008 Coming into force - - 1st October
More informationSection: 1 Short title 30/06/1997
Chapter: 32 COMPANIES ORDINANCE Gazette Number Version Date Long title 30/06/1997 To consolidate and amend the law relating to companies. [1 July 1933] (Originally 39 of 1932 (Cap 32 1950)) Section: 1
More information[Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009)
[Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) 3 [Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) PASSED by the National Parliament
More informationCOMPANIES ACT 2014 MARCH 2015
COMPANIES ACT 2014 MARCH 2015 COMPANIES ACT 2014 OVERVIEW Company law in Ireland is to undergo a major overhaul in the coming months. The changes will affect nearly every business in Ireland. The Companies
More informationLiquidating an insolvent Jersey company
Liquidating an insolvent Jersey company DECEMBER 2011 For more briefings visit mourantozannes.com This briefing is only intended to give a summary and general overview of the subject matter. It is not
More informationTHE COMPANIES ACT 2006 PRIVATE COMPANY LIMITED BY GUARANTEE ARTICLES OF ASSOCIATION of CORNWALL PARTNERS IN CARE LIMITED
THE COMPANIES ACT 2006 PRIVATE COMPANY LIMITED BY GUARANTEE ARTICLES OF ASSOCIATION of CORNWALL PARTNERS IN CARE LIMITED PART 1 INTERPRETATION AND LIMITATION OF LIABILITY 1 Defined terms (1) The regulations
More informationA legal guide to investing in the UK for foreign investors
A legal guide to investing in the UK for foreign investors July 2012 - fourth edition Introduction The UK has successfully retained its leadership position in Europe for inward investment. The UK s financial
More informationWinding Up of Companies
Winding Up of Companies 1. Introduction 2. Winding Up & Dissolution 3. Reasons for Winding Up A Company 4. Modes of Winding Up A Company 5. Grounds for Compulsory Winding Up 6. Power of the Court after
More informationThe Companies Act 1862-1900. Private Company Limited by Guarantee and not. having a Share Capital. Memorandum of Association. Children North East
The Companies Act 1862-1900 Private Company Limited by Guarantee and not having a Share Capital Memorandum of Association of Children North East As amended by special resolution dated 11 July 2007 1. Name
More informationCompanies Act 2006. Capital reductions and share buybacks. April 2008
Companies Act 2006 Capital reductions and share buybacks April 2008 Introduction Under the Companies Act 2006, private companies will from 1 October 2008 be able to make a reduction of capital without
More informationDÁIL ÉIREANN. [No. 78a of 2014] [27 January, 2015]
DÁIL ÉIREANN AN BILLE FÁ GHLÉASANNA ÉIREANNACHA UM CHOMHBHAINISTIÚ SÓCMHAINNÍ, 2014 IRISH COLLECTIVE ASSET-MANAGEMENT VEHICLES BILL 2014 LEASUITHE TUARASCÁLA REPORT AMENDMENTS [No. 78a of 2014] [27 January,
More informationCORPORATE SERVICES IMMIGRATION. Memorandum On The Incorporation Of A Private Limited Company In Singapore
CORPORATE SERVICES IMMIGRATION Memorandum On The Incorporation Of A Private Limited Company In Singapore 1. Proposed Name of the Company A company cannot be registered under a particular name unless that
More informationThe Limited Partnership Bill, 2010 THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES PART I PRELIMINARY. Clause
THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES 1 Short title and commencement. 2 Interpretation. PART I PRELIMINARY Clause PART II REGISTRAR AND REGISTRAR OF LIMITED LIABILITY PARTNERSHIPS
More informationLAW ON COMMERCIAL ENTERPRISES
LAW ON COMMERCIAL ENTERPRISES Chapter 1 General Provisions Article 1: Scope This law applies to a partnership and company carrying on business in the Kingdom of Cambodia. A partnership composes of a general
More informationArticles of Association. Comité International Radio-Maritime (CIRM) Company Limited by Guarantee. The Companies Act 2006
Articles of Association Comité International Radio-Maritime (CIRM) Company Limited by Guarantee The Companies Act 2006 1 DEFINITIONS 1.1 Act means the Companies Act 2006; 1.2 AGM means annual general meeting;
More informationAct on the Supervision of Financial Institutions etc. (Financial Supervision Act)
FINANSTILSYNET Norway Translation update January 2013 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend.
More informationTHE COMPANIES BILL, 2013 MEMORANDUM
THE COMPANIES BILL, 2013 MEMORANDUM The objects of this Act are to (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) promote the development of the economy by encouraging entrepreneurship and enterprise efficiency
More informationCAYMAN ISLANDS. Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION)
CAYMAN ISLANDS Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part), 9 of 1998, 4 of
More informationCompanies Act 2014 An Overview by Sean Kavanagh, of Company Formations International Limited
Companies Act 2014 An Overview by Sean Kavanagh, of Company Formations International Limited Overview The genesis of this new Act, which is the largest in the history of the State, can be traced back to
More informationUCITS FOR INVESTMENT MANAGERS 2014 COMPANIES ACT 2014 - PRACTICAL IMPLICATIONS FOR IRISH COMPANIES
UCITS FOR INVESTMENT MANAGERS 2014 COMPANIES ACT 2014 - PRACTICAL IMPLICATIONS FOR IRISH COMPANIES 1 WILLIAM FRY 2 CONTENTS THE ACT 3 BENEFITS OF THE ACT 3 NEW COMPANY TYPES 4 CONVERSION PROCESS 5 THE
More informationGUIDE TO INCORPORATING COMPANIES
GUIDE TO INCORPORATING COMPANIES IRELAND CURRENCY Euro ( ). EXCHANGE CONTROL There is no exchange control in Ireland. There are, however, certain other restrictions which should be noted. Pursuant to the
More informationInsolvency Guidance Note (2) - A liquidator s investigation into the affairs of an insolvent company
Statement Issued September 2005 Effective for insolvency appointments made on or after 1 October 2005 Statement Insolvency Guidance Note (2) - A liquidator s investigation into the affairs of an insolvent
More information