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 Copies of Instruments Company's Register of Charges Right to Inspect Instrument Copies Application of Part III Registered Office of Company Publication of Name of Company Adequacy of Certain Descriptions Register of Members Company Statement Index of Members of Company Entries in Register to Share Warrants Inspection of Register of Members Failure to Comply with Requirements Power to Close Register of Members Power of Court to Rectify Register Trusts not Entered on Register Register to be Evidence Keeping Branch Register Regulations as to Branch Register Registers of Oversea Companies Company Annual Return General Provisions: Annual Returns Certificates Sent by Private Company Annual General Meeting Extraordinary General Meeting Notice for Calling Meetings Meetings and Votes Quorum: One Company Member Power of Court to Order Meeting Proxies Right to Demand a Poll Voting on a Poll Representation of Companies Circulation of Members' Resolutions Special Resolutions Restriction on Alteration of Articles Written Resolutions of Companies Duty to Notify Auditors Written Resolutions: Supplementary Written Record Resolutions Requiring Special Notice Certain Resolutions and Agreements Resolutions at Adjourned Meetings Minutes of Proceedings of Meetings Place to Keep Minute Book Inspection of Minute Books Keeping of Books of Account Profit and Loss Account Contents and Form of Accounts Obligation to Lay Group Accounts Form of Group Accounts Contents of Group Accounts Financial Year of Holding Company Particulars in Relation to Subsidiaries Companies not being Subsidiaries Subsidiary Company's Accounts Signing of Balance Sheet Accounts and Auditors' Report Directors' Report Proviso to Section 141C Sections 129D and 129E Right to Receive Copies Appointment & Removal of Auditors Supplementary Provisions Powers of Auditors False Statements to Auditors Disqualifications: Auditor Appointment Resignation of Auditor Right of Auditor who Resigns 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
Chapter: 32  COMPANIES ORDINANCE

Section Num: 148 Version Date 30/06/1997

Expenses of investigation of the affairs of a company

(1)     The expenses of and incidental to an investigation by an inspector appointed by the Financial Secretary under section 142 or 143 shall be defrayed in the first instance out of the general revenue of Hong Kong, but the following persons shall, to the extent mentioned, be liable to repay such expenses to the Government-  (Amended 6 of 1984 s. 259)

(a)     any person who is convicted by a court or magistrate on a prosecution instituted as a result of the investigation, or who is ordered by a court or magistrate to pay damages or restore any property in proceedings brought by virtue of section 147(3) or to pay the whole or any part of the costs of any such proceedings, to such extent as may be ordered by such court or magistrate;  (Replaced 6 of 1984 s. 104)

(b)     any body corporate in whose name proceedings are brought as aforesaid, to the amount or value of any sums or property recovered by it as a result of those proceedings;

(c)     any body corporate dealt with by the report, where the inspector was appointed otherwise than of the Financial Secretary's own motion, shall be liable, except so far as the Financial Secretary otherwise directs; and  (Replaced 6 of 1984 s. 104)

(d)     the applicants for the investigation, where the inspector was appointed under section 142, shall be liable to such extent (if any) as the Financial Secretary may direct;  (Added 6 of 1984 s. 104) and any amount for which a body corporate is liable by virtue of paragraph

(b) shall be a first charge on the sums or property mentioned in that paragraph.

(2)     The report of an inspector appointed otherwise than of the motion of the Financial Secretary may, if he thinks fit, and shall, if the Financial Secretary so directs, include a recommendation as to the directions, if any, that he thinks appropriate, in the light of his investigation, to be given under subsection (1)(c) and (d).  (Amended 6 of 1984 s. 104)

(3)     For the purposes of this section, any costs or expenses incurred by the Financial Secretary in or in connexion with proceeding brought by virtue of section 147(3), including expenses incurred by virtue of subsection (4) thereof, shall be treated as expenses of the investigation giving rise to the proceedings.  (Amended 51 of 1978 s. 5)

(4)     Any liability to repay the Government imposed by paragraphs (a) and (b) of subsection (1) shall, subject to the satisfaction of the right of Government to repayment, be a liability also to indemnify all persons against liability under paragraphs (c) and (d) thereof, and any such liability imposed by the said paragraph (a) shall, subject as aforesaid, be a liability also to indemnify all persons against liability under the said paragraph (b); and any person liable under any of the said paragraphs shall be entitled to contribution from any other person liable under the same paragraph, according to the amount of their respective liabilities thereunder.  (Amended 6 of 1984 s. 104)

(Replaced 4 of 1963 s. 8)

[cf. 1948 c. 38 s. 170 U.K.]

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