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Companies Ordinance Cap 32

Section Num: 71A     Version Date 01/04/2003

Procedure for replacement of lost certificate

(1) Any person who is a registered holder of shares in a company or who claims to be entitled to have his name entered in the register of members of a company in respect of shares in that company may, if it appears that the certificate (in this section referred to as the "original certificate") relating to the shares is lost, apply to the company in the specified form for a new certificate in respect of such shares (in this section referred to as the "relevant shares").  (Amended 3 of 1997 s. 20)

(2) An application to a company under this section for a new certificate shall be accompanied by a statutory declaration made by the applicant stating the grounds upon which the application is made and, in particular-

(a) when the original certificate was last in the applicant's possession and how he ceased to have possession thereof;

(b) whether the applicant has executed any transfer in respect of the relevant shares, in blank or otherwise;

(c) that no other person is entitled to have his name entered in the register of members of the company in respect of the relevant shares;

and

(d) such other particulars as the case may require in order to verify the grounds upon which the application is made.

(3) Subject to subsection (4), where an application is made to a company under this section for a new certificate, the company shall, if it intends to issue such certificate under this section, publish a notice in the specified form advertising its intention to do so, as follows-

(Amended 3 of 1997 s. 20)

(a) if the application is made by the registered holder of the relevant shares or by a person other than the registered holder with his consent and in either case the latest value of the relevant shares does not exceed $20000, the notice shall be published once in, respectively, an English language newspaper and a Chinese language newspaper specified in a list of newspapers issued for the purposes of this section by the Chief Secretary for Administration and published in the Gazette;  (Amended L.N. 67 of 1985; L.N. 242 of 1989; L.N. 362 of 1997)

(b) if the application is made by a person other than the registered holder of the relevant shares without his consent or the latest value of the relevant shares exceeds $20000, the notice shall be published in the Gazette once in each of 3 consecutive months, and for the purposes of this subsection "latest value" (³Ìªñ»ù­È), in relation to the relevant shares, means the value thereof calculated at the last recorded price paid for shares in the company of the same class, prior to the application, at the recognized stock market concerned.  (Amended 5 of 2002 s. 407)

(4) A notice which it is proposed to publish under subsection (3) shall not be published until, and any publication thereof shall not be valid for the purposes of this section unless, the following requirements are first complied with-

(a) the company has delivered a copy of the notice to the recognized stock market concerned and an authorized officer thereof has certified to the company in writing that such copy is being exhibited in accordance with subsection (5);  (Amended 5 of 2002 s. 407)

(b) where the notice relates to an application made by a person other than the registered holder of the relevant shares without the consent of the registered holder-

(i) the company has served a copy of the notice on the registered holder by sending it by registered post to his last address appearing in the register of members of the company; and

(ii) a period of 3 months has expired since the date of service of such copy.

(5) Each recognized stock market shall set aside a conspicuous place therein for posting and exhibiting all copies of notices delivered to it under subsection (4)(a), and shall keep every such copy exhibited in such place for a period of not less than-  (Amended 5 of 2002 s. 407)

(a) in the case of an application referred to in subsection (3)(a), 1 month;

(b) in the case of an application referred to in subsection (3)(b), 3 months.

(6) A company shall not issue a new certificate under this section

unless-

(a) the company has published a notice under subsection (3) advertising its intention to do so and-

(i) in the case of a notice published under subsection (3)(a), a period of not less than 1 month from the latest valid publication thereof has expired; or

(ii) in the case of a notice published under subsection (3)(b), a period of not less than 3 months from the first valid publication thereof has expired; and

(b) the company has not received notice of any other claim in respect of the relevant shares; and

(c) where the applicant for the new certificate is a person other than the registered holder of the relevant shares-

(i) an instrument of transfer in respect of the relevant shares is delivered to the company under section 66; or

(ii) if, in the case of an application made without the consent of the registered holder, such instrument has not been delivered, and the applicant is unable to procure its delivery, to the company under section 66, the company has caused an instrument of transfer in respect of the relevant shares to be executed on behalf of the registered holder by any person appointed by the company and on his own behalf by the applicant.

(7) Where a company issues a new certificate under this section, it shall forthwith cancel the original certificate and make such entry in the register of members of the company as the case may require in order to record such issue and cancellation and, where the new certificate is issued to a person other than the registered holder of the relevant shares, any instrument of transfer caused to be executed by the company under subsection (6)(c)(ii) shall, for the purpose of registering the relevant shares in the name of that person, be deemed to be an instrument of transfer duly delivered to the company under section 66.

(8) Every company which issues a new certificate under this section shall, not later than 14 days from the date of issue of the new certificate, give public notice of the issue thereof and of the cancellation of the original certificate by publishing a notice in the Gazette in the specified form and the company shall deliver a copy of the notice to the recognized stock market concerned.  (Amended 3 of 1997 s. 20; 5 of 2002 s. 407)

(9) Where a company fails to publish a notice as required by subsection (8), 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)

(10) Where a new certificate is issued by a company under this section, the following shall apply-

(a) save as otherwise provided in this subsection, nothing in this section shall affect the power of the court to make an order under section 100 in favour of any person claiming to be entitled to the relevant shares as against the person to whom the new certificate is issued or any person whose name is subsequently entered in the register of members of the company in respect of the relevant shares, but no such order shall be made as against a bona fide purchaser;

(b) in any case where the court makes an order under section 100 as against the person to whom the new certificate is issued or any person whose names is subsequently entered in the register of members of the company in respect of the relevant shares, the court shall not order the payment of damages by the company and the company shall not otherwise be liable for any damage sustained by reason of the issue of the new certificate or the cancellation of the original certificate;

(c) where any person (in this paragraph referred to as "the claimant") would have been entitled but for this subsection to have his name entered in the register of members of the company in respect of the relevant shares or any of them-

(i) except where the company is shown to have acted deceitfully, the company shall not be liable for any damage sustained by the claimant by reason of the issue of the new certificate or the cancellation of the original certificate;

(ii) the person to whom the new certificate is issued shall, where the relevant shares or any of them are purchased from him by a bona fide purchaser, be liable in damages to the claimant for the value of the shares so purchased as at the date of purchase;

(iii) the person to whom the new certificate is issued and any other person (other than a bona fide purchaser) whose name is subsequently entered in the register of members of the company in respect of the relevant shares or any of them shall, where the relevant shares or any of them are purchased from such other person by a bona fide purchaser, be jointly and severally liable in damages to the claimant for the value of the shares so purchased as at the date of purchase.

(11) All expenses relating to an application under this section for the issue of a new certificate or the cancellation of an original certificate by any company shall be borne by the applicant, and the company may refuse to take any step in respect of the application until it is satisfied that reasonable provision for the payment of such expenses has been made.

(12) In this section-

"bona fide purchaser", in relation to any relevant shares, means any of the following-

(a) a person who purchases such shares in good faith for value and without notice of any defect in the title of the seller;

(b) a person who becomes entitled to such shares at any time after the purchase thereof by any other person in good faith for value and without notice of any defect in the title of the seller;

"company" means a company in the case of which shares are listed on a recognized stock market;  (Amended 5 of 2002 s. 407)

"new certificate" means a certificate issued under this section in replacement of an original certificate;

"registered holder", in relation to shares in a company, means any person whose name is entered in the register of members of that company in respect of such shares.

(Added 69 of 1979 s. 2. Amended 10 of 1987 s. 11)

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