Interpretation Registrar to Specify Forms References to Parent Company Forming Incorporated Company Requirements to Memorandum Powers of a Company Power Limited by Memorandum Exclusion of Deemed Notice Signature of Memorandum Memorandum Alteration Alteration of Objects Regulations for Companies Regulations for Unlimited Company Adoption and Application of Table A Printing and Signature of Articles Alteration of Articles Statutory Forms of M & AA Registration of M & AA Effect of Registration Power of Company to Hold Lands Certificate of Incorporation Unlimited Companies Reregistration Company Name Restrictions Power to Dispense Change of Name Company's Misleading Name Specification of Names Index of Company Names Effect of Memorandum & Articles Companies Limited by Guarantee Alterations in Memorandum & Articles Power to Alter Conditions Copies of Memorandum & Articles Issued Copies of Memorandum Definition of Member Membership of Holding Company Meaning of Private Company Private Company Privileges Form of Contracts Pre-incorporation Contracts Bills of Exchange & Promissory Notes Execution of Deeds Abroad Power to Have Official Seal Authentication of Documents Dating of Prospectus Specific Requirements Exemption from Compliance Advertisements on Prospectuses Publishing Guildelines by Commission Expert's Consent Registration of Prospectus One Document Prospectus More Than One Document Prospectus Submission of Certified Copies Civil liability for Misstatements Criminal Liability for Misstatements Right to Damages and Compensation Offer of Shares or Debentures Interpretation of Provisions Prohibition of Allotment: Subscription Prohibition of Allotment: Statement Effect of Irregular Allotment Applications for Shares & Debentures Allotment of Shares and Debentures Return as to Allotments Power to Pay Commissions Financial assistance prohibited Definitions Transactions not prohibited by 47A Restriction for Listed Companies Section 47A for Unlisted Companies Statement Under Section 47E Special Resolution Under Section 47E Financial assistance under section 47E Offering Shares to the Public Premiums on Issue of Shares Merger Relief Relief of Group Reconstructions Provisions to Sections 48C and 48D Relief from Section 48B Power to Issue Redeemable Shares Financing of Redemption Company Power to Purchase Shares Requirements for Listed Company Payments Apart From Purchase Price Authority for Purchase Authority for Purchase Contract Assignment of Right to Purchase Shares Disclosure of Share Purchase Capital Redemption Reserve Power to Redeem Shares out of Capital Availability of Profits Conditions for Payment out of Capital Procedure for Special Resolution Publicity for Proposed Payment Objections by Company's Members Powers of Court on Application Effect of Company's Failure to Redeem Power to Modify Certain Sections Transitional Cases: Sections 49 to 49S Definitions for Sections 49 to 49R Power to Issue Shares at a Discount Arrangement for Amounts Paid on Shares Reserve Liability of Limited Company Power to Alter Share Capital Share Capital Consolidation Notice of Increase of Capital Reserve Share Capital on Re-registration Power of Company to Pay Interest Non Voting Shares Approval for Allotment of Shares Validation of Shares Improperly Issued Resolution for Share Capital Reduction Application for Confirming Order Order Confirming Reduction Registration of Order Registration of Special Resolution Liability of Members Concealing Name of Creditor Variation of rights Rights of Shareholders Documents on Shareholder Rights Nature of Shares Numbering of Shares Transfer not to be Registered Transfer by Personal Representative Registration of Transfer Notice of Refusal to Register Transfer Certification of Transfers Issue of Certificates Certificate to be Evidence of Title Replacement of Lost Certificate Evidence of Grant of Probate Share Warrants to Bearer Official Seals for Share Certificates Making Compensation for Losses Register of Debenture Holders Provision of Instrument Register of Debenture Holders Meetings of Debenture Holders Liability of Trustees Perpetual Debentures Power to Re-issue Redeemed Debentures Contracts to Subscribe for Debentures Payment of Certain Debts Interpretation Certain Distributions Prohibited Restriction on Distribution of Assets Exemption of Certain Companies Realised Profits of Insurance Company Distribution to Be Justified Last Annual Accounts Requirement for Interim Accounts Requirements for Initial Accounts Method of Applying Section 79F Treatment of Assets Distributions in Kind Consequences of Unlawful Distribution Saving for Provision in Articles Application to Certain Companies Saving for Other Distribution Restraints Registration of Charges Charges Created by the Company Charges Existing on Property Charges to be Kept by Registrar Entries of Satisfaction Extension of Time for Registration Appointment of Receiver or Manager 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Auditor's Report and Rights Construction of References Restrictions on Financial Reports Notices of Intent Relevant Dates Duties of Listed Companies Financial Reports not to be Sent Form and Contents of Reports Prohibition Orders Compliance with Section 129G Requirements as to Accounts Investigation of Company Affairs Company Affairs in Other Cases Power of an Inspector Documents on Investigation Delegation of Powers by Inspector Power to Call for Director's Accounts Inspector's Report Extension of Secretary's Powers Proceedings on Inspector's Report Expenses of Investigation Inspector's Report to be Evidence
Companies Ordinance Cap 32

Section Num: 44A     Version Date 30/06/1997

Applications for, and allotment of, shares and debentures

(1) No allotment shall be made of any shares in or debentures of a company in pursuance of a prospectus issued generally and no proceedings shall be taken on applications made in pursuance of a prospectus so issued, until the beginning of the 3rd day after that on which the prospectus is first so issued or such later time (if any) as may be specified in the prospectus.

The beginning of the said 3rd day or such later time as aforesaid is hereafter in this Ordinance referred to as "the time of the opening of the subscription lists".

(2) Subject to section 38A, no allotment shall be made of any shares in or debentures of a company in pursuance of a prospectus issued generally later than 30 days after the day on which the prospectus is first so issued.  (Amended 86 of 1992 s. 9)

(3) In subsections (1) and (2), the references to the day on which the prospectus is first issued generally shall be construed as referring to the day on which it is first so issued as a newspaper advertisement:

Provided that, if it is not so issued as a newspaper advertisement before the 3rd day after that on which it is first so issued in any other manner, the said reference shall be construed as referring to the day on which it is first so issued in any manner.

(4) The validity of an allotment shall not be affected by any contravention of the foregoing provisions of this section but, in the event of any such contravention, the company and every officer of the company who is in default shall be liable to a fine.  (Amended 7 of 1990 s. 2)

(5) In the application of this section to a prospectus offering shares or debentures for sale, the foregoing subsections shall have effect with the substitution of references to sale for references to allotment, and with the substitution for the reference to the company and every officer of the company who is in default of a reference to any person by or through whom the offer is made and who knowingly and wilfully authorizes or permits the contravention.

(6) An application for shares in or debentures of a company which is made in pursuance of a prospectus issued generally shall not be revocable until after the expiration of the 5th day after the time of the opening of the subscription lists, or the giving before the expiration of the said 5th day, by some person responsible under section 40 for the prospectus, of a public notice having the effect under that section of excluding or limiting the responsibility of the person giving it.

(7) In reckoning for the purposes of this section and section 44B the 3rd or 5th day after another day, any intervening day which is a Saturday or Sunday or which is a general holiday in Hong Kong shall be disregarded, and if the 3rd or 5th day (as so reckoned) is itself a Saturday or Sunday or such a holiday there shall for the said purposes be substituted the 1st day thereafter which is none of them.  (Amended 6 of 1984 s. 259)

(Added 78 of 1972 s. 13)

[cf. 1948 c. 38 s. 50 U.K.]

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