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Chapter: 32  COMPANIES ORDINANCE

Section Num: 129  Version Date 13/02/2004

Particulars to be shown in company's accounts in relation to companies not being subsidiaries whose shares it holds

(1) Subject to the provisions of this section, where, at the end of its financial year, a company holds shares of any class comprised in the equity share capital of another body corporate (not being its subsidiary) exceeding in nominal value one fifth of the nominal value of the issued shares of that class, there shall be shown in the accounts of the company laid before it in general meeting, or in a statement annexed to those accounts, the following particulars-  (Amended 28 of 2003 s. 50)

(a) the name of that other body corporate;

(b) the country in which it is incorporated;

(c) the identity of the class and the proportion of the nominal value of the issued shares of that class represented by the shares held;

and

(d) if the company also holds shares in that other body corporate of another class (whether or not comprised in its equity share capital), or of other classes (whether or not so comprised), the like particulars as respects that other class or, as the case may be, each of those other classes.

(2) If, at the end of its financial year, a company holds shares in another body corporate (not being its subsidiary) and the amount of all the shares therein which it holds (as stated in its accounts laid before it in general meeting) exceeds one tenth of the amount of its assets (as so stated), there shall be shown in those accounts, or in a statement annexed to those accounts, the following particulars-  (Amended 28 of 2003 s. 50)

(a) the name of that other body corporate;

(b) the country in which it is incorporated; and

(c) in relation to shares in that other body corporate of each class held, the identity of the class and the proportion of the nominal value of the issued shares of that class represented by the shares held.

(3) Neither subsection (1) nor subsection (2) shall require the disclosure by a company of information with respect to another body corporate if that other body is incorporated outside Hong Kong or, being incorporated in Hong Kong, carries on business outside Hong Kong if the disclosure would, in the opinion of the directors of the company, be harmful to the business of the company or of that other body and the Financial Secretary agrees that the information need not be disclosed.

(4) If, at the end of its financial year, a company falls within subsection (1) or (2) in relation to more bodies corporate than one, and the number of them is such that, in the opinion of the directors, compliance with that subsection would result in particulars of excessive length being given, compliance with that subsection shall not be requisite except in the case of the bodies, carrying on the businesses the results of the carrying on of which, in the opinion of the directors, principally affected the amount of the profit or loss of the company or the amount of its assets.  (Amended 28 of 2003 s. 50)

(5) Where, in the case of a company not being a private company having a share capital, advantage is taken of subsection (4)-  (Amended 75 of 1993 s. 8)

(a) there shall be added to the particulars, if any, given in compliance with subsection (1) or (2) the information that the particulars deal only with bodies carrying on businesses of the kind referred to in subsection (4); and  (Replaced 28 of 2003 s. 50)

(b) the particulars, if any, given in compliance with subsection (1) or (2), together with those which, but for the fact that advantage is so taken, would have to be so given, shall be set out in a statement in the specified form, which shall be sent to the Registrar at the same time as the annual return first made by the company after its accounts have been laid before it in general meeting is sent to the Registrar.

(Replaced 28 of 2003 s. 50)

(5A) Where, in the case of a private company having a share capital, advantage is taken of subsection (4)-

(a) there shall be added to the particulars, if any, given in compliance with subsection (1) or (2) the information that the particulars deal only with bodies carrying on businesses of the kind referred to in subsection (4); and  (Replaced 28 of 2003 s. 50)

(b) the particulars, if any, given in compliance with subsection (1) or (2), together with those which, but for the fact that advantage is so taken, would have to be so given, shall be set out in a statement in the specified form, which shall be sent to the Registrar within 42 days after its accounts have been laid before it in general meeting.  (Replaced 28 of 2003 s. 50)

(Added 75 of 1993 s. 7)

(6) If a company fails to satisfy an obligation imposed on it by subsection (5) or (5A), the company and every officer of the company who is in default shall be liable to a fine and, for continued default, to a daily default fine.  (Amended 7 of 1990 s. 2; 28 of 2003 s. 50)

(7) For the purposes of this section-

(a) shares of a body corporate shall be treated as being held, or as not being held, by another such body if they would, by virtue of section 2(4) to (7) (but on the assumption that paragraph (b)(ii) of subsection (6) had been omitted therefrom), be treated as being held or, as the case may be, as not being held by that other body for the purpose of determining whether the first-mentioned body is its subsidiary; and

(b) the proportion of the nominal value of the issued shares of any class represented by the shares held by the company shall be stated by way of a percentage, and any such percentage may be stated to the nearest whole number per cent except where it is between 49% and 50%, in which event it shall be stated to as many decimal places as would be required to indicate the percentage, to one significant figure, of the proportion of the nominal value of the issued shares of that class represented by one share.

(8) In this section "equity share capital" means, in relation to a company, its issued share capital excluding any part thereof which does not, either as respects dividends or as respects capital, carry any right to participate beyond a specified amount in a distribution.

(Replaced 80 of 1974 s. 12)

[cf. 1967 c. 81 s. 4 U.K.]

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