21.01.11 01:36 Age: 7 yrs
The Companies Bill of Hong Kong will be introduced into the Legislative Council for its first reading recently
The Companies Bill of Hong Kong was gazetted on January 14 of 2011, and will be introduced into the Legislative Council for its first reading on January 26.
The rewrite of the Companies Bill started in mid-2006.The Companies Bill seeks to rewrite the provisions relating to the operation of live companies in the Companies Bill. It comprises 21 parts, with some 900 clauses and 10 schedules. The Companies Bill is written in modern-day drafting language to make it more user-friendly. There are also footnotes and examples designed to assist readers' understanding.
Professor K C Chan form the Secretary for Financial Services and the Treasury said, "The Companies Bill is an important piece of legislation for fostering Hong Kong's status as a major international business and financial centre. The Companies Bill aims to achieve four main objectives, namely, enhancing corporate governance, ensuring better regulation, facilitating business and modernising the law.”
Professor K C Chan also said that they look forward to enactment of the Companies Bill in the 2011-12 legislative session. And he also expressed that they would work closely with Legislative Council to achieve this goal.