The new Companies Ordinance 新《公司條例》
The new Companies Ordinance (“the new CO”) is expected to become effective in 2014
with a view to providing better regulation, enhancing corporate governance, modernising
the laws and facilitating business.
The following are some of the main changes and new provisions.
1.
Duty of Directors
the existing CO
the new CO
No statutory provisions on
directors’ duty
-codify the director’s duty of care, skill and
diligence by taking into account
-
-
skill, knowledge and experience that a
person may reasonably be expected in
carrying out the function of a director in
a company; and
the general knowledge, skill and
experience of the director.
-the civil liabilities for breach of director’s duties
under common law and equity are retained.
-allow to ratify an act or omission involving
negligence, default, breach of duty or breach of
trust of a director by a resolution of the members
of the company (i.e. disinterested members’
approval) only.
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2.
Voting of shareholders
the existing CO
the new CO
Headcount Test
Under privatisation and specified
scheme of arrangement, it is passed
subject to the headcount test
(majority in number) representing
75% in value, the scheme shall be
binding on all members or creditors
of the company if the scheme is
sanctioned by the court.
Headcount test for the scheme to be approved
by majority members present at the general
meeting will be abolished.
Headcount test for privatisations and schemes
of arrangement involving a listed company’s
general offer to buy back shares, or a takeover
offer is replaced by disinterested test i.e. votes
cast against is not more than 10% of total
voting rights of disinterested members.
Headcount test is retained for other members’
schemes but the court is given discretion to
dispense with the headcount test if the
approval meets the 75% threshold
requirement.
Demand Poll
The threshold for a member to
demand a poll in general meeting is
10% of the total voting rights
3.
The threshold for a member to demand a poll
in general meeting is reduced to 5% of the
total voting rights.
Directors and officers
the existing CO
the new CO
Personal Data
The personal information such as
the residential address and identity
card number/passport number of a
director or company secretary is
available for public inspection in
the public records held by
Companies Registry.
A director or secretary will be allowed to use
the company’s registered office or
correspondence address as his personal
address in the public registers held by the
Companies Registry, in addition to his usual
residential address. However, access to full ID
card number or passport number and the usual
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residential address is restricted from public
inspection.
Prescribed form is needed to the Companies
Registry for withholding residential address
and identification number from public
inspection.
the existing CO
the new CO
Corporate Director
There is no restriction regarding
the appointment of corporate
directors in private companies
except private companies are under
the member group of listed
company
4.
Every private company (not being a member
company of a listed group company) with
corporate director must have at least one
director who is a natural person.
To comply with the new requirement, every
private company is given a grace period of six
months from the commencement of new Co
Ordinance.
Share Capital
the existing CO
Share Capital
the new CO
- No Par value
All local companies having a share
capital must have a par value for all
shares
A mandatory system is adopted to all local
companies with a share capital of no par value
in order to provide more flexibility in
structuring their share capital and in line with
the international trends.
The concept of authorised capital is removed.
The articles may require a provision setting
the maximum number of shares which can be
issued by the company.
With the abolition of par value, share
premium will no longer exist.
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Reduction of Capital
Reduction of capital required the
approval of shareholders and court
5.
Constitution
y
y
6.
Introduce court free procedure for reduction
of capital subject to a solvency test
memorandum of association is abolished to allow the flexibility of the activities
conducted by the company; and
Conditions of memorandum of association of existing company are regarded as
provisions of articles.
Solvency Test
Introducing a solvency test for the following share capital transactions:y
y
y
7.
Company Meetings and Resolution
y
y
y
y
y
8.
reduction of share capital
redemption or repurchase of shares
financial assistance by a company (applicable to both private and public
company) for purchase of its own shares
introduce a prescribed rules and procedures for proposing and passing a written
resolution;
the threshold requirement to demand a poll by members is reducing from 10%
to 5% of the total voting rights;
Allow electronic meeting i.e. subject to the provisions in the articles of
association, a company is allowed to hold a meeting at two or more venues by
using electronic technology;
notice of general meeting for all general meeting (except AGM, removal of
director or auditors) has been shortened to 14 clear days; and
allow companies to dispense with the holding of AGM by unanimous members’
resolutions.
Disclosure of Company’s Report
y
allow a small private company to prepare simplified financial statements and
directors’ report; and
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y
9.
A public company, and a larger private company (listed or unlisted), or a
private company which meets a higher size criteria and not qualified as "small
private company” nor within a “group of small private companies” (except it
opts out by special resolution), and company limited by guarantee shall prepare
a comprehensive directors’ report including an analytical and forward-looking
business review. Such company is also required to disclose in the directors’
report information relating to environmental and employee matters i.e.
corporate social responsibility.
Common Seal
y
y
allow the adoption and use of common seal to become optional in executing
documents by companies; and
relax the requirements of an official seal for use abroad.
10. Shareholders Protection
y
y
y
y
introduce more effective rules to deal with directors’ conflicts of interests in
loan transactions, payments for loss of office and directors’ employment
contracts exceeding 3 years;
unauthorised conducts of directors involving negligence, default, breach of
duty can be ratified by disinterested shareholders’ approval;
extend the scope of unfair prejudice remedy to cover “proposed acts and
omissions”; and
require disinterested members’ approval for members’ resolution of all public
companies and their subsidiaries.
11. Officers’ Liabilities
y
y
y
introduce a new definition of a “responsible person” involving an officer, a
shadow director of the company who is liable to an offence for any breach or
contravention of provisions in the new CO and reckless acts;
The definition of “responsible person” applies to both Hong Kong and
non-Hong Kong companies that incorporated outside Hong Kong but registered
in the Companies Registry in Hong Kong; and
clarify the rules on the indemnification of directors against liabilities to third
parties.
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12. Amalgamation
y
introduce a court free amalgamation procedure for wholly owned intra-group
companies and is subject to a solvency test.
13. Registration of Charges
y
y
y
y
revise the list of registrable charges such as charges over an aircraft or any
share in an aircraft;
shorten the time for registration of charges from 5 weeks to one month;
require written evidence of satisfaction/release of a charge to the Registrar for
registration; and
replace the automatic acceleration of the repayment obligation with a choice to
lender for an immediate repayment when a charge is void due to
non-compliance with registration requirement.
14. Deregistration/Dissolution of Companies
y
y
y
y
y
impose additional conditions for deregistration of defunct companies on the
applicant to confirm that :the company is not a party to any legal proceeding;
neither the company nor its subsidiary has any immovable property in Hong
Kong.
Introduce a new restoration procedure for a company dissolved by the
Registrar in straightforward cases, without the need for recourse to the court;
and
Streamline the restoration procedures of dissolved companies by court order.
New Companies Ordinance can be downloaded from the following website at
http://www.cr.gov.hk/en/companies_ordinance/companies_ordinance.htm
Disclaimer
The content in this publication is of general information only. It is not offered as advice and
should not be taken as such. We expressly disclaim all liabilities to any person for any reliance
placed on the contents of this publication. No client or other reader should act or refrain from
acting on the basis of the contents of this publication without seeking specific professional advice.
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新《公司條例》
新《公司條例》
（下稱「新條例」）預期於 2014 年生效，旨在達致提高企業管治，確
保規管更為妥善、方便營商及使公司法例現代化等四個目標。
以下為一些主要的更改及新法例。
1.
董事職責
現行條例
新條例
對董事職責沒有法定規
定
•
釐清董事須有謹慎、技巧及努力行事的職責標
準
-
2.
可合理預期任何人在執行公司董事應具備的一
般知識、技巧和經驗；及
該董事本身具備的一般知識、技巧和經驗
•
根據普通法及衡平法對董事違反職責的民事責
任保留有效
•
只容許公司以股東(無利益關係股東)通過決議
案追認董事涉及疏忽、失責、失職或違反信託
的行為
股東投票
現行條例
新條例
人數驗證
凡涉及私有化計劃及指定安排 有關「人數驗證」須獲得出席股東大會的大多數股東通過的
計劃，
「人數驗證」(即大多數人) 規定將被廢除。
須要達到持有 75%(以價值計算)
的贊成，如計劃獲法院批准，則 有關私有化及安排計劃涉及上市公司為回購股份而訂立之
有關計劃對公司的所有成員或債 公開要約或收購要約的「人數驗證」由無利害關係股份驗證
取代(即反對票佔所有無利害關係股份成員的總投票權不超
權人仍具有約束力。
過 10%)。
其他成員計劃仍保留「人數驗證」的規定，但如有關計劃的
贊成票數已達到 75%門檻，則法院有酌情權是否施行「人數
驗證」
。
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要求以投票方式表決
股東在股東大會上要求以投票方 股東在股東大會上的要求投票方式表決的門檻是把總體投
式表決須達到總體投票權 10%的 票權減至 5%。
門檻。
3.
董事及高級人員
現行條例
個人資料
公司董事或秘書的個人資料
如住址及身份證號碼 / 護照
號碼可於公司註冊處的公開
紀錄中讓公眾查閱。
新條例
公司董事或秘書除了通常住址，還有獲准向公司註冊處提供
公司註冊地址或通訊地址作其個人地址載於公司註冊處的
公開紀錄，惟公眾人士則不可查閱以上有關人士的身份證號
碼或護照號碼及通常住址。
有關人士需向公司註冊處提交指明格式的表格，以停止讓公
眾查閱其住址及身份證明號碼。
法人團體擔任董事
除上市公司集團成員旗下的私 規定每間私人公司(並非上市集團的成員公司) ，尤其該私
人公司外，私人公司的董事任命 人公司的其一董事為法人團體，最少須要有一名董事為自然
並無特別限制。
人。
私人公司由新例生效日期後起計可獲 6 個月寬限期，以遵從
有關新規定。
4.
股本
現行條例
股本 - 無面值制度
所有本地股本的公司須有面
值制度
新條例
新條例制定所有本地有股本的公司採用無面值制度，以符合
國際趨勢，讓公司在重整股本結構方面有較大靈活性。
法定資本的概念已廢除。
章程細則可訂立條文規定公司可發行的股份數目上限。
廢除股份面值後，股份溢價，則不再存在。
減少股本
減少股本須得到股東及法院
批准
5.
引入償付能力測試來減少股本，不須經法庭程序
章程
y
y
廢除組織章程大綱，讓公司有更靈活的營商範圍；及
原有公司的組織章程大綱的條件，將視為該公司的章程細則的條文。
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6. 償還能力測試
就下列各類股本交易引入償付能力測試：y
y
y
股本減少
贖回或回購股份
公司(適用於私人和公眾公司)給予資助以購入其本身的股份
7. 股東大會及決議
y
y
y
y
y
推行一套既定規則和程序，以提出及通過書面決議；
把股東要求以投票方式表決的規定由佔總投票權 10%減至 5%；
按照公司組織章程細則條文所規定，准許公司舉行電子會議，公司可使用電子科技在多
於一個地點舉行股東大會；
召開公司所有股東大會(週年大會、商討罷免董事或核數師的會議除外)的通知期縮短至
14 個工作日；及
准許公司在全體股東一致決議下無須舉行週年大會
8. 披露公司報告
y
y
准許小型私人公司可擬備簡明財務報表及董事報告；及
公眾公司、大型私人公司(上市或非上市)、不符合「小型私人公司」或「小型私人公司
集團」資格並且符合較高規模準則限額的私人公司(該類公司可藉特別決議案選擇不遵從
這項規定)、及擔保有限公司須擬備詳盡的董事報告，其中要包括分析性及前瞻性業務審
視，以及環保及僱員事務等企業社會責任訊息。
9. 法團印章
y
准許公司自行選擇是否使用法團印章；及
y
放寬對公司須備有供在外地使用的正式印章的規定。
10. 對股東的保障
y
y
y
y
引入更有效的規則處理董事在借貸交易、失去職位的付款、以及超過三年期的董事聘任
合約的利益衝突；
追認董事渉及疏忽、失責、失職的未准許行為須獲無利益關係股東批准；
擴大不公平損害補救的範圍，以涵蓋「擬作出或不作出的作為」
，即成員可就不公平損害
提出訴訟；及
所有公眾公司及其附屬公司的股東決議案須獲無利益關係股東批准。
11. 高級人員的法律責任
y
y
引入「責任人」新定義，包括公司的高級人員或幕後董事須因違反或不履
行新公司條例及魯莽行為而承擔法律責任；
「責任人」定義適用於香港公司及非香港公司（於香港以外地方註冊成立
並於香港公司註冊處登記）；及
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y
釐清董事對第三者的法律責任而提供彌償的規則‧
12. 合併
y
13.
為同一集團內且屬全資擁有的實體合併引入一個不經法庭的合併程序，惟
須通過償付能力測試。
押記登記
y
y
y
修訂須予登記的押記清單，如有關飛機或飛機的任何份額設立的押記須予
登記；
押記的登記限期由五個星期縮短至一個月；
為登記押記須向公司註冊處處長提交清償／解除押記的書面證據；及
y
就公司因不遵從登記規定而致使押記成為無效的情況，把自動加快還款的規定改
為
y
貸款人可選擇是否要求該項借款須立即償還。
14. 公司撤銷註冊／解散
•
就不營運公司撤銷註冊增訂下列條件，申請人須證實：(a) 有關公司不是任何法律程序的一方；
(b) 有關公司及其附屬公司在香港均沒有不動產。
• 為簡單個案訂立由處長把已解散公司恢復註冊新程序，而無須經法院程
序；及
• 簡化已解散公司藉法院命令而恢復註冊的程序。
新《公司條例》可於下列網站下載
http://www.cr.gov.hk/tc/companies_ordinance/companies_ordinance.htm
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