Offences by Officers of Companies Penalty for Falsification of Books Frauds by Officers of Companies Liability where Proper Accounts Responsibility of Directors Power of Court to Assess Prosecution of Delinquent Officers Disqualification for Appointment Corrupt Inducement Enforcement of Duty of Liquidator Notification on Company Liquidation Exemption of Certain Documents Books of Company to be Evidence Disposal of Books and Papers Pending Liquidations Unclaimed Assets to be Paid Resolutions Passed at Meetings Meetings to Ascertain Wishes Affidavits, &c. Power of Court to Declare Dissolution Repealed 30 of 1999 s. 18 Government Disclaimer of Property Effect of Government Disclaimer Repealed 30 of 1999 s. 21 Striking Defunct Company Power of Court to Order Company Application for Deregistration Reinstatement Registrar to Act as Representative Property and Books etc. Effect on Section 292 Companies Liquidation Account Investment of Surplus Funds Accounts of Particular Estates General Rules and Fees Disqualification for Appointment Disqualification of Undischarged Power to Appoint Official Receiver Receivers Appointed out of Court Notification Power of Court to Fix Remuneration Provisions as to Information Special Provisions as to Statement Delivery to Registrar of Accounts Enforcement of Duty of Receiver Construction of References Registration Offices Protection of Registrar etc. Fees Inspection, Production and Evidence Authentication of Documents Enforcement of Duties: Ordinance Application to Companies Formed Application to Companies Registered Companies re-Registered Companies Capable Definition of Joint Stock Company Registration: Joint Stock Companies Other than Joint Stock Companies Authentication of Statements Registrar May Require Evidence Exemption of Certain Companies Addition of "Limited" etc., to Name Certificate of Registration Vesting of Property on Registration Saving for Existing Liabilities Continuation of Existing Actions Effect of Registration Power to Substitute Memorandum Power of Court to Stay Actions on Winding-up Order Meaning of Unregistered Companies Winding up of Unregistered Oversea Companies May be Contributories in Winding up Power to Restrain Proceeding Actions Stayed on Winding-up Provisions of Part X Cumulative Saving for Enactments Application of Part XI Documents, etc. to be Delivered Continuing Obligation in Respect Termination of Registration Registrar to Keep an Index Return to be Delivered to Registrar Accounts of Oversea Company Obligation to State Name Notice of Commencement Regulation of Use of Corporate Service of Documents on Oversea Notice to be Given Removal etc. of Name Penalties Interpretation of Part XI Dating of Prospectus and Particulars Exemption of Certain Persons Provisions as to Expert's Consent Registration of Prospectus Amendment of Prospectus Prospectus May Consist Submission of Certified Copies Penalty for Contravention Civil Liability for Misstatements Criminal Liability for Misstatements Interpretation of Provisions Dormant Companies Prohibition of Partnerships Documents Delivered to Registrar Power of Registrar to Accept Power of Registrar to Refuse Registrar not Responsible for Disposal of Documents Form of Registers etc. Power of Registrar to Keep Records Penalty for False Statements Penalty for Dishonest Destruction Penalty for Improper Use of "Limited" Obligation to Give Notice Injunctions Provision for Punishment Limitation on Commencement Production and Inspection of Books Application of Fines Saving as to Private Prosecutors Saving for Privileged Communications Service of Documents on Company Costs in Actions Power of Court to Grant Relief Power to Enforce Orders Power to Make Regulations Power to Amend Requirements Repealed 30 of 1999 s. 34 Power to Refuse Registration Power to Order Company Certain Sections not to Apply Vesting and Disposal of Property Provisions Applicable to Winding up Certain Sections to Apply Calls on Contributories Continuation of Legal Proceedings Obstruction of Official Receiver Control of Official Receiver Audit of Official Receiver's Accounts Protection of Official Receiver Companies to Which Part XI Applies Saving Saving II Saving III Savings and Transitional Transitional Application of the Amending
Chapter: 32  COMPANIES ORDINANCE

Section Num: 344A  Version Date 13/02/2004

Dormant companies

PART XIIA

DORMANT COMPANIES

(1) A company may pass a special resolution-

(a) declaring that the company will become dormant either as from the date of delivery of the special resolution to the Registrar or as from a later date as is specified in the special resolution;

(b) authorizing the directors of the company to deliver to the Registrar the special resolution; and

(c) declaring that prior to the company ceasing to be dormant, the directors of the company shall deliver to the Registrar a further special resolution, declaring that the company intends to enter into a relevant accounting transaction.  (Replaced 28 of 2003 s. 108)

(2) (Repealed 28 of 2003 s. 108)

(3) Upon delivery of the special resolution passed under subsection (1), the company shall be deemed to be a dormant company for the purposes of this section as from the date of such delivery or, if the resolution specifies a later date for commencement of the company becoming dormant, as from that later date.  (Amended 28 of 2003 s. 108)

(4) A company which is deemed to be a dormant company under subsection (3) is exempt from complying with the requirements of sections 107 to 111, 122 to 134, 140A to 141 and 141C to 141D.  <* Note - Exp. X-Ref.: Sections 107, 108, 109, 110, 111, 122, 123, 124, 125, 126, 127, 128, 129, 129A, 129B, 129C, 129D, 129E, 129F, 129G, 130, 131, 132, 133, 134, 140A, 140B, 141, 141C, 141D *>  (Amended 30 of 1999 s. 32)

(5) A company shall cease to be deemed to be dormant under subsection (3) upon delivery to the Registrar of the further special resolution referred to in subsection (1)(c).  (Amended 28 of 2003 s. 108)

(6) If, during the period between the date on which a company is deemed under subsection (3) to have become a dormant company and the date on which the further special resolution referred to in subsection (1)(c) is delivered to the Registrar, a company enters into a relevant accounting transaction then-  (Amended 28 of 2003 s. 108)

(a) the exemption conferred by subsection (4) shall cease as from the date of the relevant accounting transaction; and

(b) any shareholder of the company who knew or ought to have known about the relevant accounting transaction and all directors of the company shall be personally liable for any debt or liability of the company arising out of the relevant accounting transaction.

(7) In subsection (6), "director", in relation to a company, includes a shadow director.  (Amended 28 of 2003 s. 108)

(8) This section does not apply to-

(a) a company that is not a private company; or

(b) a company specified in the Sixteenth Schedule as a company to which this section does not apply.  (Replaced 30 of 1999 s. 32)

(9) In this section-

(a) a company is dormant during any period in which no transaction occurs which is, for the company, a relevant accounting transaction;

(b) "relevant accounting transaction" means a transaction which is required by section 121 to be entered in the company's books of account (disregarding any transaction which arises from the payment of any fee which the company is required to pay by any Ordinance).

(Part XIIA added 10 of 1993 s. 6)

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