LAW
UNIT 2 RAISING SHARE CAPITAL
(A) Capital(資本)
1. Capital and Share Capital
(a)
What is capital?
Whenever people start a business, they have to put assets into it, including money, tools, and
intangible assets
Two sources of money available for the promoters of a new company:

Investors投資者
Who willing to become shareholders by providing money to the company over the long term
and without a guaranteed rate of return on their investment.

Lenders借款人
Who willing to lend money to the business for a specified period and in return for a specified
rate of interest on their loan
A company’s capital can therefore be divided into two types:
share capital (‘equity’)股本： the money that a company obtains by issuing its shares to
shareholders 股本是指通過向股東發行股票獲得的資金。
loan capital. 借款
(b)
What is share capital (股本) ?
When the company is dissolved and there are net assets available to be distributed, then the
shareholder will be entitled to a share of those nets assets in strict accordance with the rights
attaching to the shares and the priorities established by law. 當公司解散並有可供分配的淨資
產時，股東將有權享有嚴格按照股份附帶的權利和法律確定的優先的資產份額。
legal characteristics of a share股票的法律特質
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LAW B333F Unit 2(2021 Autumn)

A share is a personal property transferable in accordance with the company’s articles of
association and any contractual agreement between shareholders 股票是根據公司章程細
則和股東之間的任何合約可轉讓的非土地財產

Possession of a share certificate is proof of a member’s title to (or ownership of) the share.
擁有股票是證明成員對該股份的所有權。

A shareholder may borrow on the security of his shares and give to the lender a mortgage
over the shares as security for repayment of the loan. 股東可以藉用其股份的擔保，並
向貸方提供抵押擔保，以償還貸款。
2. The structure of share capital (股本的結構)
Under old Companies Ordinance:
Par value面值: $1 each
Issued price發行價: $10 each
Share premium股份溢價: $9 each
Under new Companies Ordinance:
Issued price only只有發行價
(a) The new law with effect from 3 March 2014
ONLY ISSUED SHARE CAPITAL只有發行股本
 Section 135 of the new Companies Ordinance abolishes nominal (par) value for shares and
a share has no par value. A company has no authorized capital. The share capital will be the
issued share capital of the company
The share capital is ‘issued’ (or sold) to raise money for the company’s operations. A share may
be issued at any price, subject to the free commercial negotiation between the company and the
investor
Directors are subject to an overriding fiduciary duty to set the price in good faith.
股本“發行”（或出售）是為公司經營籌集資金。 股份可以以任何價格發行，但須經公司
與認購股份的投資者之間的自由商業談判
董事會承擔絕對的受信責任來制定股份價格。
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LAW B333F Unit 2(2021 Autumn)
According to section 170 (2) of the Companies Ordinance, a company may:
(a) To increase its share capital by allotment and issue of new shares.
(b) If the funds or other assets used to increase its share capital are provided by the members
of the company.
(c) To capitalize its profits, (whether or not by allotting and issuing new shares.)
(d) To allot and issue bonus shares, (whether or not to increase its share capital.)
(e) To convert all or any of its shares into more or fewer shares.
(f) Cancellation of shares
(i) shares which, at the date of the passing of the cancellation resolution, have not been
accepted or agreed to be accepted by any person; or
(ii) shares which have been forfeited.
有限公司可藉列明的任何一種或多於一種方式，更改其股本：
（a）通过配发和发行新股增加其股本。
(b) 如果用于增加股本的资金或其他资产是由公司的成员提供。
(c)将其利润资本化，（无论是否配发和发行新股。）
(d) 配发和发行红股，（无论是否增加其股本。）
(e) 将其所有或任何股份转换为更多或更少的股份。
(f) 取消股份
(i) 在注销决议通过之日，尚未被任何人士接受或同意接受的股份；或
(ii) 已被没收的股份。
Please note: s170(2)(b) and (c) are actually increasing the value of existing shares
(3) Statement of capital and initial shareholding – for a company
intended to be formed as a company limited by shares
Under the existing law:
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LAW B333F Unit 2(2021 Autumn)
The articles of association of a company with a share capital must include a ‘Statement of Capital
and Initial Shareholdings’, setting out the following information:

the total number of shares that the company proposes to issue on the company’s formation;

the total amount of share capital to be subscribed by the company’s founder members;

the amount to be paid up (已付的股本), and

the amount to remain unpaid on the total number of shares that the company proposes to issue
on that formation, (成立時預算發行股份數目及暫未付款的股份)

and similar information on each class of shares, if any (若有不同種類股份，每種都要提供以
上資料)
（4）Continuous Updating by filing to Companies Registry
whenever required
Whenever there is a change in its capital, the company must file a notice of change that includes
details of
(i) the total number of shares issued,
(ii) the total paid-up capital and
(iii) the total issued capital.
(B) Classes of shares
1. Class Rights (權利)
(a) Shares of different class rights
通常股東因擁有股份而享有的權利有以下三種:

Dividend rights股息權:

Voting rights表決權:

Capital redemption rights資本退還: The right to have capital returned in whole or in part on
the winding-up of the company.
(b) What are class rights?
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LAW B333F Unit 2(2021 Autumn)
How to have different class rights
(i)
Presumption in law
All members of a company are presumed to have equal rights and liabilities unless the
company’s articles state that they are not equal. (若公司章程細則沒有說明，法律上推
定所有成員的權利與責任都一樣).
(ii)
Rebutting the presumption by provisions in the articles
(若章程細則有提及，便可以有不同權利與責任的股份)
By changing matters singularly or in combination, it is possible to create many classes of
shares. 通過單獨或組合地改變公司章程細則，可以創造許多類別的股份。
2. Nature of different classes of shares
In general, there are three board classes of shares:

ordinary shares普通股

preference shares優先股

redeemable shares可贖回股份
The rights attached to various classes of shares are contractual and are set out under the
company’s articles. The rights are not derived from the Companies Ordinance. 各類股份的權
利是由合約(即公司的章程細則)訂定的，並列在公司的章程細則內。 這些權利不是衍生
自公司條例。
(a) Ordinary shares(普通股)
(i) If only one class is issued, the members are all called ‘ordinary shareholders’ and their shares
are called ‘ordinary shares’. 如果只發行一個類別，則所有成員均為“普通股股東”，其股份
稱為“普通股”。
(ii) Ordinary shareholders are:

Receive dividends later than preferred shareholders

Issue of share capital later than preferred shareholders in the winding-up

If the company is highly profitable, ordinary shareholders receive more dividends than preferred
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LAW B333F Unit 2(2021 Autumn)
shareholders ，and also loss will be greater
 Most of the voting power at general meeting shall belong to the ordinary shareholders.
(b) Preference shares (優先股)
(ii) This preference is a right to receive a fixed rate of dividend (e.g. 5% per annum) before the
declaration of a dividend payable to other shareholders. (就算其他類別股東不獲派息，他
們都獲定率與定期派息).
In the absence of specific restrictions, it is presumed that preference shares are ‘cumulative’.
This means that any unpaid dividend arrears accumulate and must be paid in a later year
before the payment of any dividend to ordinary shareholders. (除另有規定外，假定若公司
無盈利，不能派息與優先股股東，該年的定率股息便當為公司對優先股股東的欠債).
(iii) The company’s articles are exhaustive ( 詳 盡 無 遺 )on the rights of the preference
shareholders. If shares are given a preferential dividend, they are presumed 假定to be
non-participating as regards further dividends不能獲派進一步/多些股息,
Supporting case: Scottish Insurance Corp Ltd v. Wilson and Clyde Coal Co Ltd [1949]
AC 462(優先股股東的權利完全列明在章程細則，沒有其他更多權利)
Case facts: 一家公司的业务已被国有化。由于该公司将停止营业，它打算进行自愿（行
动）清盘。同时，该公司决定通过支付7%的优先股股东来减少其股本。该公司的章程
规定，"在清盘的情况下，优先股股东在公司财产上的地位应优先于其他股份，以偿还
催缴和支付的金额为限"。
优先股股东抱怨说，削减股份将剥夺他们在清算时分享公司剩余资产的权利。
Held: the company’s articles were exhaustive (詳細-鉅細無遺) on the rights of the preference
shareholders in a winding-up. The articles provided for repayment of capital only and the
preference shareholders thus did not have the right to share in the surplus assets. 章程細則只
提供優先獲發還股本，優先股股東沒有權分享剩餘資產。
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LAW B333F Unit 2(2021 Autumn)
(c) Redeemable shares (可贖回股份)
(i)
Redeemable shares are shares issued on the basis that they can be bought back by the
company at a specified time, or at the option of the company or the shareholder. (發行股
票時指明必會被公司或其他股東回購).
(ii) Authority for issue (發行此等股份權力)
可發行,除非以下情況:

A company’s articles may prohibit or restrict the issue of redeemable shares (若章
程細則明文禁止).
(Note: since Art. 57 permits the issue, so a company using Model Articles can issue
redeemable shares, 因 Art. 57 容許，所以用 Model articles 便可發行).

A company must not issue redeemable shares at a time when there are no issued
shares in the company other than redeemable shares.当公司没有除可赎回股份以外
的已发行股份时，公司不得发行可赎回股份。
(iii) How to finance a buy- back of redeemable shares?如何为回购可赎回股份融资？
A company may make a payment in respect of a redemption or buy-back of its own shares:

out of the company’s distributable profits; 由公司可分配利潤中出資

out of the proceeds of a fresh issue of shares made for the purpose of the
redemption or buy-back; 由為贖回或回購目的的新股發行所得中出資

out of capital in accordance with the relevant provisions of the Companies Ordinance.
根據公司條例的有關規定，由股本出資。
3. Variation of class rights (更改類別股票的權利)
(a) What is variation of class rights?
Variation of class rights refers to any change or removal of any special rights attached to a
particular class of shareholders. Where some rights have already been attached to a class of
shares, they cannot be varied unless all the holders of the same class of shares agree. 類別權利
的更改是指對特定類別股東附加的任何特殊權利的任何更改或刪除。 如果一類股份已經
附有一些權利，除非同一類股的所有持有人同意，否則不得變更。
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Variation of class rights usually happens when the company’s articles are amended, or when new
shares are issued. 類別權利的更改通常發生在公司章程細則修改或新股發行時。
(b) What does not constitute variation of class rights?
(i) If the rights of all classes of shareholders are adjusted equally, there will not be any ‘variation
of class rights’. 如果所有類別股東的權利得到平等調整，就不會構成更改類別權利。
Supporting case: Greenhalgh v. Arderne Cinemas Ltd. [1946] 1 All ER 512,
Fact:股份由每股10 shillings 更改為5股每股2shillings，不構成更改類別權利
Case facts: the court held that no variation of rights had resulted when each of the company’s
shares were converted from 10-shilling shares into five 2-shilling shares. Although the value of
each individual share had been reduced, there had been no change in the status of shareholders
relative to each other. 雖然每個股份的價值都有所下降，但股東之間的狀況並沒有變化。
(ii) Class rights are not deemed to be varied even though the net effect of issuing new shares is to
dilute the power of existing shareholders. 即使發行新股的淨效應是冲淡現有股東的權力，
類別權利也不會被視為更改。
Supporting case: White v. Bristol Aeroplane Co Ltd [1953] Ch 65(發行同等權利的優先股
不構成更改類別權利)
Case
facts:
公司建议通过发行600,000股每股1英镑的优先股（与现有600,000股优先股享有同等权益）和2,640,000股
每股50便士的普通股（与现有普通股享有同等权益）来增加股本。新股从公司的储备基金中支付（即红利发行
）。
Held : the increase in capital did not "affect" the rights and privileges of the existing preferred
shareholders. Only the enjoyment of the rights, not the rights themselves, were affected.
(c) How can class rights be varied?
According to section 180 of the Companies Ordinance, rights attached to shares in a class of
shares in a company may be varied only:
(i) in accordance with provisions in the company’s articles for the variation of those rights;
(ii) if there are no such provisions, with 75% consent or special resolution (特別決議)of the class
members.如果没有这样的规定，经75%的集体成员同意或特别决议（special resolution）。
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But note: Section 182 of the Companies Ordinance allows holders representing at least 10%
of the total voting rights of holders of shares in the class to apply to the Court to have the
variation disallowed.公司条例》第182条允许代表该类股份持有人总投票权的至少10%的
持有人向法院申请不允许更改。
。
(C) Membership in a company
Section 112 of the Companies Ordinance defines ‘members of a company’ as follows:

A founder member of a company is to be regarded as having agreed to become a member
of the company, in the company’s register of members.公司的創辦成員須視為已同意成
為該公司的成員,記入該公司的成員登記冊。

Any other person who agrees to become a member of a company and whose name is
entered as a member, in the company’s register of members is a member of the company.
如任何其他同意成為公司成員的人的姓名或名稱，已作為成員記入該公司的成員登
記冊，該人即為該公司的成員。
(1)Share allotment
(a)
What is share allotment(配股/配發)?
Allotment refers to the decision to allot shares to a particular person, and in return that person
agrees to accept the shares allotted to him and to be bound by the articles of association. 配發
是指向特定人士分配股份的決定，作為回報，該人同意接受分配給他的股份，並受公司
章程細則約束。
(b)
Restriction of directors’ power to allot shares
(i) Sections 140 and 141 of the Companies Ordinance direct that shareholders’ approval
is required:
If approval is given for the grant of an option, there will not be a need to obtain further
approval of the allotment of shares pursuant to that option.
如果批准授出期权，就不需要再为根据该期权配发的股份获得批准。
According to section 140 of the Companies Ordinance, directors shall not exercise any
power of the company to allot shares, or to grant rights to subscribe for, or to convert any
security into, shares in the company without the prior approval of the company in a general
meeting, but does not apply to an allotment in the following 4 situations: (根据《公司条例》
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第140条，未经公司在股东大会上事先批准，董事不得行使公司的任何权力来分配股份，
或授予认购权，或将任何证券转换为公司的股份，但不适用于以下4种情况下的分配。
(i)
Allocation of shares or granting of rights in proportion to their shareholding based on
the offer made to the members of the company. 根据向公司成员发出的要约，按其持
股比例分配股份或授予权利。);
(ii) Allocation of shares or granting of rights to members of the Company in proportion to
their shareholdings, and bonus share issuance.
(ii) allot to a founding member of the company such shares as that member has agreed to
accept by signing the articles of association (issued to the founding member); 向公司
的创始成员配发该成员通过签署公司章程而同意接受的股份
(iii) Allotment of shares pursuant to prior approval by corporate resolution 事先在會員大
會通過).
(ii) Scope of Approval
The approval shall continue in force until:该批准应继续有效，直到：
 the conclusion of the annual general meeting commencing next after the date on which the
approval was given; 在作出批准的日期之后开始的年度股东大会结束之时
 the expiry of the period when the next annual general meeting is required.需要举行下一届
周年大会的期限届满。
(iii) Document for filing
When a company allots shares, a return of allotment in the specified form (NSC1) must be
delivered with the Companies Registrar for registration within one month of the allotment
(section 142 (1)). 当公司分配股份时，必须在分配后一个月内向公司注册处交付指定表格
（NSC1）中的分配回报，以便进行登记（第142（1）条）。
(3)Transfer of shares
(a) Shares are personal property股份是非土地財產
They are freely transferable from one owner to another, in the absence of any restrictive provisions in the
Articles of Association. For example, Article 11 of the Companies Ordinance states that for the purposes of
this Ordinance, a company is a private company in the following cases在公司章程中没有任何限制性规定
的情况下，它们可以自由地从一个所有者转让给另一个所有者。例如，《公司条例》第11条规定，就
本条例而言，在下列情况下，公司是一家私人公司。
its articles:
(i) restrict a member’s right to transfer shares;
(ii) limit the number of members to 50; and
(iii) prohibit any invitation to the public to subscribe for any shares or debentures of the company; and
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LAW B333F Unit 2(2021 Autumn)
禁止邀請公眾人士認購該公司的任何股份或債權證
That restriction is imposed by Article 2(2) of the Model Articles which provides that the directors may in
their discretion refuse to register the transfer of a share. 董事可按其酌情決定權，拒絕登記某股份的轉
讓。
(b)
Documentation for transfer of shares
A contract to sell shares need not be made in any particular form and may be oral or written.
( However, under section 19 of the Stamp Duty Ordinance (Cap 117), where a sale or purchase of Hong
Kong shares is effected, a contract note must be prepared and stamped with a duty stamp purchased from
the government. A contract note must contain particulars of the transaction. 第117章 《印花稅條例》
第19條 關於香港證券的售賣及購買的成交單據等 Moreover, in performing that contract, the
transfer of shares can only be completed by a ‘proper instrument of transfer’ (轉讓文書) as required by
section 150 of the Companies Ordinance. )
(4) Transmission of shares
(a) The Companies Ordinance provides that the transfer of shares can only be effected by a proper
正
確
instrument
of
transfer
(
轉
讓
文
書
)
(section
150).
公司条例》规定，股份的转让只能通过适当的正确转让文书（转让文书）来实现（第150条）。
(b) expect special situation:
(i) bankruptcy(現時的股東破產), Shares vested in the bankruptcy trustee破產案受託人,
(ii) death(現時的股東死亡) , when shares will be vested in the personal representative遺產代
理人of the shareholder.
(c) Section 161 of the Companies Ordinance provides that the company must accept any document
sufficient by law to prove probate or letters of administration of an estate. The holder of a
summons may elect to become the holder of the shares or to transfer the shares to another person
in accordance with the articles of association of the company. The directors have the right to
refuse or suspend registration (article 66 of the Model Statute).
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該承傳人在本《章程細則》的規限下，可選擇成為該股份的持有人，或選擇將該股份轉讓
予另一人。董事有權拒絕或暫停辦理有關登記，一如假使在有關傳轉前有關持有人已
轉讓有關股份的話，董事本會有權拒絕或暫停辦理登記股份轉讓一樣。
(4)The Directors may at any time give notice requiring the transferee to elect to become the
holder of such share or to elect to transfer such share to another person.董事可隨時發出通
知，要求承傳人選擇成為有關股份的持有人，或選擇將該股份轉讓予另一人。
(5) If the notice is not complied with by the bearer within 90 days from the giving of the said
notice, the Directors may withhold the payment of all dividends, bonuses or other moneys
payable in respect of the share until the requirements of the notice have been complied with.
如承傳人在自上述通知發出起計的90日內，沒有遵從該通知，董事可在該通知的要求
獲遵從之前，暫緩支付須就該股份支付的所有股息、紅利或其他款項。
5. Registration (股票註冊)
Under section 627 of the Companies Ordinance, every company shall keep in the English or
Chinese language a register of its members, and enter therein the following particulars:
(a) the names and addresses of its members;
(b) the date on which each person is entered in the register as a member; and
(c) the date on which any person ceases to be a member.
Section 634 of the Companies Ordinance provides that Trusts (notice of any express, implied or
constructive trust) shall not be entered in the Register
第622章 《公司條例》 第634條 信託不得記入登記冊
634.信託不得記入登記冊關於任何明訂、隱含或法律構定信託的通知
6. Mortgage of shares (股票作借貸抵押品)
(a) Use of shares as security to borrow
shareholders can use their shares to increase their ability to borrow, and perhaps to buy even
more shares.
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(a) What is a mortgage?
Mortgage is a process to effect a borrowing of money with security. 按揭是實現有抵押借款的
一個過程

a borrower provides property to be held by a lender for the term of a loan; 借款人向貸款人提
供財產，由貸款人在貸款期間持有該財產；
 if the borrower defaults on the loan, the lender may seize the property or sell it to satisfy the
debt; 如果借款人違約不還錢，貸款人可以扣押財產或出售其來償還債務;and
 if the borrower repays the loan the lender will be obliged to return the property intact (完整無
缺) to the borrower. 如果借款人償還貸款，貸款人將有義務將完整無缺的財產退還給
借款人。
(c) The collateral(抵押)
People who own shares can create a mortgage over those shares in two ways:
(1) Legal mortgage法定按揭
A borrower legally transfers shares to a lender on the condition that the shares will be
re-transferred to the borrower upon repayment of the loan. 借款人合法將股票轉讓給貸款
人，條件是在償還貸款後股份將重新轉回給借款人。
(2) Equitable mortgage衡平法按揭
A lender does not immediately become the legal owner of the mortgaged shares. . The lender
guarantees not to register as owner of the shares until and unless the borrower defaults.
Rather, a borrower puts the lender in a position where, upon the borrower’s default, the
lender may choose (but is not obliged) to become the legal owner. 貸款人不會立即成為按
揭股份的合法所有人。 相反，借款人將貸款人放置在借款人違約的情況下，貸款人可
以選擇（但不是必要）成為合法所有者。
Equitable mortgages are more common較普及
(i)
A borrower gives just share certificates to a lender to hold, thereby making it
impossible for the borrower to deal with the shares. 借款人給予貸款人持有
股票，使借款人無法處理股份
(D) Capital maintenance and variation
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1.
Doctrine of Capital maintenance資金維持原則
(a)
Traditional Concept
The concept of capital maintenance is based on the belief that a company’s share capital is an
untouchable fund公司的股本是不可觸及的資金. It must be kept available for creditors to
claim as the last resort in the event of the company’s failure在公司倒闭的情况下，必须将其
作为最后的手段供债权人索要。 The share capital must also be maintained to protect the
shareholders’ interests in their shares as long-term investments公司也要保持股本，來保護
股東權益，作為長期投資. On the downside, the doctrine of maintenance of capital means
that the share capital contributed by the shareholders cannot be paid back to them until the
company is wound up缺点是，资本维持原则意味着，在公司清算之前，股东出资的股本
不能返还给他们。
The principle of maintenance of capital was laid down by the House of Lords in Trevor v.
Whitworth (1887) 12 App Cas 409. This case states that the paid-up capital of a company
should be maintained and retained to meet the liabilities of the company unless.
(i) it is capital lost as a result of ordinary business risks; or
(ii) the share capital authorized by law (i.e. Hong Kong Companies Ordinance) has been
reduced (i.e. Hong Kong Companies Ordinance). The authorized share capital is reduced in
accordance with the law (i.e. the Hong Kong Companies Ordinance).
上议院在Trevor v. Whitworth (1887) 12 App Cas 409案中规定了维持资本的原则。这个
案例指出，公司的实收资本应该保持和保留，以满足公司的负债，除非。
(i) 它是由于普通商业风险而损失的资本；或
(ii) 法律（即《香港公司条例》）授权的股本已经减少（即《香港公司条例》）。根据
法律（即香港公司条例）减少法定股本。
Trevor v Whitworth (1887) 12 App Cas 409
Case： 一家公司回购了自己近四分之一的股份。在公司清算期间，一位股东向法院申
请回购后欠他的余款。上诉法院认为，他应该得到支付。
Held ： buyback was ultra vires the company. 认为回购是对公司的越权行为shareholder
should be paid
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2.
Uniform solvency test償付能力測試
(a) Section 204 of the new Companies Ordinance provides that a uniform solvency test
will be applicable to:
(a) reduction of share capital;
(b) share redemption and buy-back, and;
(c) financial assistance.
新《公司条例》第204条规定，统一的偿付能力测试将适用于。
(a)减少股本。
(b)股份赎回和回购，以及。
(c)财政援助。
That means a company can proceed with reduction of capital, buyback
or giving financial assistance for others to acquire its own shares
ONLY if the company shall satisfy the solvency test.这意味着，只有在
公司满足偿付能力测试的情况下，公司才能进行减资、回购或为他人
收购自己的股份提供财政援助。
(b)
Section 205 states that the solvency test is satisfied if:
(i)immediately after the transaction, the company will be able to pay its debts;
and (ii) the company will be able to pay its debts within 12 months after the
transaction (if the company intends to commence winding up within 12 months
after the transaction, then within 12 months after commencement of winding
up). 第205条规定，在下列情况下，满足了偿付能力测试。
(i)交易结束后，公司将有能力支付其债务；以及(ii)公司将有能力在交易结束后12个月内支付其债务（
如果公司打算在交易结束后12个月内开始清算，则在清算开始后12个月内）。
(c) By section 206(1)),
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In forming an opinion for the purpose of making a solvency statement, a
director must: 在為作出償付能力陳述的目的而得出意見時，董事須 ——
- inquire into the company’s state of affairs and prospects; and查究有關公司
的事務狀况及前景；及
- take into account all the liabilities of the company (including contingent and
prospective liabilities) 考慮該公司的所有債務( 包括或有負債及潛在負債)。
(section 206(2)).
(d)Form of a solvency statement償付能力陳述 (section 206(3)): 償付能力陳述
須 ——

must be in the specified form; 符合指明格式[NSC 17]；

must state the date on which it is made;

must state the name of each director making it; and述明 ——
(i)作出該陳述的日期；及
(ii)每名作出該陳述的董事的姓名或名稱；及

(e)
must be signed by each director making it. 由每名作出該陳述的董事簽署。
Section 207: Consequences for a director making solvency statement without
careful consideration:
A director who makes a solvency statement without having reasonable grounds
for the opinion expressed in it commits a criminal offence.
第622章 《公司條例》 第207條 關於償付能力陳述的罪行
207.關於償付能力陳述的罪行
董事在無合理理由支持在償付能力陳述中表達的意見的情況下，仍作出該陳述，
即屬犯罪
3. Maintenance of Capital
(a) Reduction (減少) of share capital
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A company limited by shares can only reduce its share capital in accordance with ONE of the
procedures provided by s211 Companies Ordinance, otherwise the company may commit a
criminal offence (s212 Companies Ordinance) as
following:股份有限公司只能按照《公司条例》第211条规定的一个程序来减少其股本，否则公司可能犯有以下
的刑事罪行（《公司条例》第212条）。
(i)
The Solvency Approach – a Court-free Procedure : by Special Resolution +
Solvency Statement:
The solvency test approach is a court free procedure不需法院批准.
All directors must make a declaration of solvency (Article 216(1)).所有董事必须做出偿付
能力声明（第216（1）条）。
Approval by members through a special resolution, which must be passed within 15 days
after the date of the solvency statement (Article 216(2))成员通过特别决议批准，该决议必
须在偿付能力声明日期后15天内通过（第216（2）条）。
Publication of notice in at least one designated Chinese language newspaper and at least one
designated English language newspaper, or written notice to its creditors by the end of the
week following the adoption of the special resolution (Article 218(3)).至少在一份指定的中
文报纸和至少一份指定的英文报纸上刊登通知，或在特别决议通过后的一周结束前向其
债权人发出书面通知（第218（3）条）。
The company shall allow five weeks for the members or creditors of the company to inspect
the special resolution and the solvency statement (Article 219(2)).公司应允许公司的成员或
债权人有五个星期的时间来检查特别决议和偿付能力声明（第219（2）条）。
The special resolution and the reduction of share capital shall become effective after the
registration of the return by the registrar特别决议和股本削减应在注册官登记该申报表后
生效。
CAP 622 COMPANIES ORDINANCE Section 216 Solvency statement for reduction of
share capital
216.Solvency statement for reduction of share capital
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217.第622章 公司条例 第216条 减少股本的偿付能力声明
216.减少股本的偿付能力声明
(1)All directors of the company must make a solvency statement that complies with
Division 2 in relation to the reduction of share capital.(1)公司的所有董事必须做出符
合第2分部规定的关于减少股本的偿付能力声明。
(2)The special resolution for reduction of share capital must be passed within 15 days
after the date of the solvency statement.(2)减少股本的特别决议必须在偿付能力声明
的日期后15天内通过。
(3)If the special resolution is proposed as a written resolution, a copy of the solvency statement must
be sent to every member of the company at or before the time when the proposed resolution is
sent to them.(3)如果特别决议是以书面决议的形式提出的，则必须在向公司的每个成员发送
拟议的决议时或之前，将偿付能力声明的副本发送给他们。
(4)If the special resolution is proposed at a meeting, a copy of the solvency statement
must be made available for inspection by members at the meeting.(4)如果特别决议是
在会议上提出的，偿付能力声明的副本必须在会议上提供给成员检查。
.
(ii)
The Court Sanctioned (decision) Approach: By Special Resolution+
Confirmation by the Court:(ii)法院认可(决定)的方式。通过特别决议+法院确认。
The Company may adopt a special resolution to reduce its share capital and apply to the
Court by petition for confirmation of the order to reduce the share capital.

The court will only confirm the reduction of share capital: if it is satisfied, with
respect to every creditor of the company who is entitled to object to the reduction of
share capital, that:
(a)
the creditor’s consent has been obtained; or
(b)
the creditor’s debt or claim has been discharged, has determined or has
been secured (Section 229).
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LAW B333F Unit 2(2021 Autumn)
法院只有在以下情况下才会确认股本的减少：对于有权反对股本减少的公司的每
个债权人来说，法院确信。
(iii)
(c)
(a) 已获得债权人的同意；或
(d)
条）。
(b) 该债权人的债务或索赔已被解除，已被确定或已被担保（第229
Objection to the Special Resolution
If a member or creditor objects to the special resolution, the court may confirm or cancel the
resolution, and on any terms as it thinks fit (section 222). 如有成员或债权人对该特别决议提出异
议，法院可按其认为适当的任何条件确认或取消该决议(第222条)。
(b) Payment out of capital in respect of Share redemption or Share Buy-back
(i) Background of prohibition of share buy-back
Trevor v. Whitworth (1887) 12 App Cas 409 where it was held that a company could not
purchase its own shares — even though there was an express power to do so in its
memorandum — since that would amount to a reduction of capital.
The rationale behind this decision was that such purchases are dangerous. They can result in a
reduction of capital, which is to the detriment損害of creditors. They can also lead to other abuses濫
用
这一决定背后的理由是，这种购买是危险的。它们会导致资本的减少，从而损害债权人的利
益。它们还可能导致其他滥用行为。
(iii) Procedure for Redemption or Buy-back of a company’s shares - Court-free
procedure by solvency test – this procedure concerns redemption/buy-back of
company’s shares funded out of capital
the company is required to deliver a similar return [NSC2], within 15 days after the date on
which the redeemed or bought-back shares are delivered to the company under section 270.
（该申报表适用于所有类型的赎回或回购股份）
The redemption or buy-back must be made no earlier than 5 weeks and no later than 7
weeks after the date the special resolution is passed, unless otherwise ordered by the court
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(section 258). It is because a member or a creditor of the company may apply to the court
for can
The redemption or repurchase must take place no earlier than five weeks and no later than seven weeks
after the adoption of the special resolution, unless the court orders otherwise (Article 258). This is
because the members or creditors of the company can apply to the court for
redemption.赎回或回购必须在特别决议通过后不早于5周和不晚于7周进行，除非法院另有命令（第258条）。这是
因为公司的成员或债权人可以向法院申请赎回。
(c) Financial assistance for acquisition of shares收购股份的财政援助
(i) The restrictions and exceptions
Under section 275 of the Companies Ordinance,
it is unlawful for a company, or any of its
subsidiaries, to give financial assistance directly or indirectly for the purpose of acquisition of
its shares. Any breach of the prohibition is a criminal offence. The directors concerned may be
prosecuted, which can result in a fine and even imprisonment. 根据《公司条例》第275条，公
司或其任何子公司直接或间接为收购其股份而提供财政援助是非法的。任何违反该禁令的行为
都属于刑事犯罪。有关董事可能会被起诉，这可能会导致罚款甚至监禁。
(ii) What is ‘Financial assistance’?
该条例第274条将其定义为包括礼物、担保、抵押、赔偿、贷款和任何其他财政援助，"如果公
司的净资产减少到重要程度或公司没有净资产，则由公司提供"
(iii) What is ‘Acquisition’?
‘Acquisition’ covers both share transfers股份轉讓and share subscriptions股份認購.
(iv) Exceptions to the rule in s275
The rule in s 275 is subject to a number of exceptions.
Some of which are listed below:
a. the payment of dividends; distribution of assets to creditors in winding-up; allotment of
bonus shares; reduction of capital confirmed by the court (section 277);
a.支付股息；在清算中向债权人分配资产；配发红股；经法院确认的资本减少（第277条）。
b. where the ordinary business of the company is lending money (section 279);
b.公司的日常业务是放贷（第279条）
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LAW B333F Unit 2(2021 Autumn)
c. the giving of assistance by a company, in good faith in the interests of the company, of
financial assistance for the purposes of an employee share scheme (section 280); c.公司
为了公司的利益，真诚地提供财务援助，以实现雇员股份计划的目的（第280条）。
d. where the company makes a loan to its eligible employees (other than directors), for the
purpose of enabling them to acquire fully paid shares in the company or its holding
.
company to be held by them by way of beneficial ownership (section 281).
公司向其符合条件的员工（董事除外）提供贷款，目的是使他们能够获得公司或其控股公司的全额支付的股份，由他
们以实益拥有的方式持有（第281条）。
 如果该公司是一家上市公司，上述(b)、(c)和(d)中所列的例外情况仅适用于财政援
助不减少公司净资产的情况，或者如果减少，则从可分配利润中提供（第282条）。
如果该公司是一家私人公司，(a)(b)(c)和(d)中的任何一项例外都应无限制地适用。
(v) The Procedure
通过上文第275条规则的例外情况（iv），私人公司可以提供财政援助，但要经过偿付能力
测试；以及第283至285条所述的三个程序之一。允许财政援助的标准可以在这三个程序中的每
一个中给出，具体如下。
 The first procedure (section 283):
(i) directors pass a resolution to give the assistance;董事通过一项决议，给予援助。
(ii) those directors make a solvency statement;这些董事做出偿付能力声明
(iii)the aggregate amount and other assistance given under this section not yet repaid (such as
guarantee or security) does not exceed 5% of the paid up share capital and reserves of the
company; 根据本条提供的援助和其他尚未偿还的援助（如担保或抵押）的总金额不超
过公司实收股本和储备金的5%；
(iv) the assistance is given within 12 months of the solvency statement.该援助是在偿付能力声
明的12个月内提供的。
(v) Within 15 days after giving the assistance, the company must send the solvency statement and
a notice to all members (section 283(4)).
在给予援助后的15天内，公司必须向所有成员发送偿付能力声明和通知（第283（4）条）。
 The second procedure (section 284):
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the giving of the assistance is approved by a written resolution of all members of the company
before the assistance is given. 在提供援助之前，由公司全体成员通过书面决议批准提供援助
 The third procedure (section 285):
(i) It provides that a company may give assistance if it is approved by an ordinary resolution. (i)
它规定，如果普通决议批准，公司可以给予援助。
(ii) This section requires the directors to show that the assistance is of benefit to those members
not receiving the assistance, and the terms are fair and reasonable not just to the company but
also to members not receiving the assistance.(ii)本条要求董事表明，该援助对那些没有接
受援助的成员是有益的。
(iii) The company must send the solvency statement and a notice to members informing them of
the details of the assistance at least 14 days before the resolution is to be passed. iii)公司必须
在决议通过前至少14天向成员发送偿付能力声明和通知，告知他们援助的细节。
(iv)The financial assistance must not be given within 28 days after the ordinary resolution is
passed, during which period an application may be made to the court to restrain the assistance
by members representing not less than 5% of the total voting rights.财务援助不得在普通决
议通过后的28天内提供，在此期间，代表总投票权不少于5%的成员可向法院提出申请，
以限制该援助
E. How do companies own shares in other
companies?
provided that its articles permit it, a company may buy shares in another company. This, however,
could contravene the principle of capital maintenance in one of the following scenarios:
 if a company diffuses發散its capital among several entities, instead of leaving it concentrated
in a single entity; or如果一家公司将其资本分散在几个实体中，而不是集中在一个实体
中；或
 if two companies owned each other’s shares, the capital of each would be dependent 依賴on
the financial soundness 財政健全of the other. 如果两家公司相互拥有对方的股份，那
么每家公司的资本都将依赖于另一家公司的财务健全性。
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G. Reconstructions, amalgamations and takeovers
There are different ways a company can reconstitute its financial structure in conjunction with
other companies. Essentially, there are three ways:一个公司可以通过不同的方式与其他公司
一起重组其财务结构。基本上，有三种方式。

Reconstruction:
重组：当一家公司（转让方）决定自愿清盘，并授权清算人将
其全部业务出售给另一家公司时，就会发生这种情况。接收公司通常是为了继续转让
方的业务而专门成立的。如果是这样的话，转让人很可能会收到接收公司的股份，以
分配给其股东。

Amalgamation:
合并。当两家公司在其中一家公司或第三家公司的所有权和控
制下合并其业务活动时，就会发生合并。

Takeover:
接管。在这种情况下，一家公司不是收购另一家公司的业务，而是通
过购买另一家公司的大部分股份来获得对该公司的控制。
(a) Reconstruction and amalgamation
Must be approved by the court and affected creditors and shareholders
The new Companies Ordinance now introduces a court-free regime for mergers, but it is
limited to mergers of wholly-owned companies within a group. This restriction is intended to
minimize the risk of abuse
Sections 680 and 681 provide that an amalgamation may either be vertical (i.e. between the
holding company and one or more of its wholly-owned subsidiaries) or horizontal (i.e.
between two or more subsidiaries of the same holding company). With respect to each type of
amalgamation, the board of directors of each amalgamating company must make a statement,
details of which are set out in section 679, among others, (i) to confirm that none of the assets
of the amalgamating company is subject to any floating charge, or if there exists a floating
charge, the chargee has consented to the amalgamation proposal, and (ii) to verify the
solvency of the amalgamating company as well as the amalgamated company. The
amalgamation proposal must be approved by the members of each amalgamating company by
special resolution.
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According to section 685(3), on the effective date of an amalgamation:

the amalgamation takes effect;

each amalgamating company ceases to exist as an entity separate from the amalgamated
company; and

the amalgamated company succeeds to all the property, rights and privileges, and all the
liabilities and obligations, of each amalgamating company.
There will be a question of priorities between the competing security holders over the assets if
two or more of the amalgamating companies have floating charges subsisting over their
respective assets in favour of different security holders. To resolve this, the written consents of
the holders of the floating charges are therefore required; see sections 680(2)(d)(ii) and
681(2)(d)(ii)).
Section 686 provides that if the court is satisfied that giving effect to an amalgamation
proposal would unfairly prejudice a member or creditor of an amalgamating company or a
person to whom an amalgamating company is under an obligation, it may, on application by
the member, creditor or person made before the date on which the amalgamation becomes
effective, make any order it thinks fit in relation to the amalgamation proposal. This statutory
provision allows the court to intervene for the purpose of protecting the interest of the minority
shareholders and creditors in the course of amalgamation (CR 2013b).
(b) Takeover as opposed to transfer of business
with respect to each type of amalgamation, the board of directors of each amalgamating
company must make a statement, details of which are set out in section 679,
Section 686 provides that if the court is satisfied that the implementation of a scheme of
consolidation would unfairly prejudice a member or creditor of the consolidating company,
or a person to whom the consolidating company owes an obligation, the court may make such
order with respect to the scheme of consolidation as it sees fit on the application of such
member, creditor or person made before the effective date of the consolidation. This statutory
provision allows the court to intervene in the merger process to protect the interests of
minority shareholders and creditors (CR 2013b).第686条规定，如果法院确信实施合并方案
会不公平地损害合并公司的成员或债权人，或合并公司对其负有义务的人，法院可以根
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LAW B333F Unit 2(2021 Autumn)
据该成员、债权人或人在合并生效日期前提出的申请，就合并方案作出它认为合适的命
令。这一法定条款允许法院在合并过程中为保护小股东和债权人的利益而进行干预（CR
2013b）
A company makes an offer to the shareholders of the target company. It is required that the offer
must be accepted by a certain percentage of shareholders, otherwise no contract for the purchase of
shares will be formed.一家公司向目标公司的股东提出要约。要求该要约必须被一定比例的股
东所接受，否则不会形成购买股票的合同。
According to Division 4 of the Companies Ordinance ("Compulsory acquisition following a takeover
offer"), the offeror has the right to acquire minority shareholders if it acquires not less than 90% of
the shares. The minority shareholder also has a corresponding right to compel the offeror to purchase
the shareholder's shares under Division 5 ("Compulsory acquisition following a general offer for
share repurchase").
In order to deal with situations where shareholders are unreachable, sections 693(3) to (7) of the CO
authorize the court to issue a notice to acquire a minority shareholder if the offeror is unable to meet
the necessary squeeze-out threshold and if the court is satisfied that
if that person or all such persons accept the offer, the offeror will, by virtue of the acceptance of the
offer, be offered or contract unconditionally to acquire at least 90% of the shares or any class of
shares covered by the offer; The consideration offered is fair and reasonable.根据《公司条例》第4
分部（"收购要约后的强制收购"），如果要约人收购了不少于90%的股份，就有权收购小股东
。小股东也有相应的权利，可以根据第5分部（"股份回购的全面要约后的强制收购"）迫使收
购人购买股东的股份。
为了应对股东无法联系的情况，《公司条例》第693(3)至(7)条授权法院在要约人无法达到必要
的挤出门槛的情况下，如果法院确信以下情况，可以发出通知，收购小股东。
如果该人或所有这些人接受了收购要约，要约人将凭借对该要约的接受，获得或无条件地签
订合同，获得该要约所涉及的至少90%的股份或任何类别的股份；以及
提出的代价是公平和合理的。
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LAW B333F Unit 2(2021 Autumn)