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Chapter: 32  COMPANIES ORDINANCE

Section Num: 141D  Version Date 01/04/2003

Power of shareholders of certain private companies to waive compliance with requirements as to accounts

Accounts of certain private companies

(1) Where all the shareholders of a private company agree in writing that this section shall apply with respect to a financial year of that company-

(a) the following provisions of this Ordinance shall not apply with respect to that financial year, that is to say, sections 121(2), 123, 129, 129A, 129D, 129E and 141(3);

(b) the company's balance sheet as at the end of that financial year shall comply with the requirements of the Eleventh Schedule;

(c) there shall be attached to the balance sheet a report by the directors with respect to-

(i) the state of the company's affairs;

(ii) the amount (if any) which they recommend should be paid by way of dividend;

(iii) the amount of (if any) which they propose to carry to the reserve fund, general reserve or reserve account shown specifically on the balance sheet or to a reserve fund, general reserve or reserve account to be shown specifically on a subsequent balance sheet;

(d) the directors' report so attached shall be approved by the board of directors and signed on behalf of the board either by the chairman of the meeting at which it was approved or by the secretary of the company;

(e) the auditors' report shall state-

(i) whether or not the auditors have obtained all the information and explanations which they have required; and

(ii) whether, in their opinion, the balance sheet referred to in the report is properly drawn up so as to exhibit a true and correct view of the state of the company's affairs according to the best of their information and the explanations given to them, and as shown by the books of the company.

(2) The shareholders shall not in any financial year of the company enter into an agreement for the purposes of subsection (1) with respect to more than one such financial year.

(3) This section does not apply to a private company which-

(a) has any subsidiary or is a subsidiary of another company formed and registered under this Ordinance or an existing company; or  (Amended 6 of 1984 s. 96)

(b) carries on banking business and holds a valid banking licence granted under the Banking Ordinance (Cap 155); or  (Amended 27 of 1986 s. 137)

(c) is a corporation licensed under Part V of the Securities and Futures Ordinance (Cap 571) to carry on a business in any regulated activity within the meaning of that Ordinance; or  (Amended 5 of 2002 s. 407) either solely or in common with any other business,

(d) carries on any insurance business otherwise than solely as an agent; or

(e) by way of trade or business, other than banking business, accepts loans of money at interest, or repayable at a premium, otherwise than on terms involving the issue of debentures or other securities; or

(f) owns and operates ships or aircraft engaged in the carriage of cargo between Hong Kong and places outside Hong Kong.

(4) Without prejudice to any other provision of this Ordinance, if any person being a director of a company fails to take all reasonable steps to secure compliance with the requirements of subsection (1)(c) and

(d), he shall, in respect of each offence, be liable to imprisonment and a fine:  (Amended 7 of 1990 s. 2)

Provided that-

(a) in any proceedings against the person in respect of an offence under this subsection, it shall be a defence to prove that he had reasonable ground to believe, and did believe, that a competent and reliable person was charged with the duty of seeing that the said paragraphs were complied with and was in a position to discharge that duty; and

(b) a person shall not be sentenced to imprisonment for any such offence unless, in the opinion of the court dealing with the case, the offence was committed wilfully.

(Added 80 of 1974 s. 13)

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