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ARTICLE · 29 MARCH 2004

Companies (Amendment) Ordinance 2003*

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The Companies (Amendment) Ordinance 2003, which comes into operation on 13 February 2004, introduces significant changes to the Companies Ordinance. This article summarises some of the significant changes.

Hong KongFinance and Banking
Joseph Kwan
Joseph Kwan

*The Companies (Amendment) Ordinance 2003 is different from the Companies (Amendment) Bill 2003 (which has not been enacted as law). The Companies (Amendment) Bill 2003, which was first published in the Gazette on 13 June 2003, seeks to amend the provisions of the Companies Ordinance regarding prospectuses, group accounts, registration system for overseas companies and shareholders’ remedies.

The Companies (Amendment) Ordinance 2003, which comes into operation on 13 February 2004, introduces significant changes to the Companies Ordinance. Below is a summary of some of the significant changes.

Reduction of Share Capital

Court’s confirmation for reducing solely the par value of the share capital of a company is no longer required provided that all the following conditions are satisfied:

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