March 2.
"Reorsterep under the Hongkong Ordinances" is a sufficiently title in local business to fy detailed reference to the amendments recently brought into force in Hongkong to the Companies Ordinance, 1865, which has hitherto formed the basis of company registration in the Far East. In the absence of any machinery for the registration of companies with limited liability the practice adopted in the early days of Shanghai was for undertakings of this nature to carry on business under the provisions of Deeds of Settlement. Gradually, however, advantage was taken of the Ordinance passed by the Hongkong Government in 1865 enabling companies to be registered as Limited Liability jes in that Colony, and within the last fifteen years the transference from amenability to Deeds of Settlement to the jurisdiction of Hongkong has been that rendered complete. Accordingly, companies carrying on their busi-and having no property of any ness entirely outside Hongkong
kind in the Colony, as well as companies whose whole business is carried out within the Colony, are liable to the 1866 Ordinance and Amending Ordinances, which have hitherto made no distinction between the two classes. Under the provisions of these Ordinances each company must have its registered office withia the Colony and must keep at that office. its register of shareholders. The latter clause has been more honoured in the breach than in. the observance; but the appointment of a new Registrar at Hongkong brought with it an, attempt not only to insist upon the strict letter of the law, but also to add to the Colony's revenue by levying duties on all transfers and by claiming probate duty on, shares even when the whole estate of the deceased shareholder was entirely unconnogted with Hongkong. - It will be remembered that on February 7 of last year an influential meeting of representatives of British Companies in Shanghai was held to consider the proposals of the Hongkong Government, and it is legitimate to sqnclude that the representations. that were the outcome of the action, led to the final settlement of the whole question, as embodied in the new Law known as the Companies (Local Registers) Ordinance,.1907, the full text.of which appears on another page.
Text read from the printed page and cleaned; old type leaves the occasional error.