Hong Kong Ordinances

COMPANIES ORDINANCE - SECT 49C

Payments apart from purchase price to be made out of distributable profits

A payment made by a company in consideration of-

   (a)  acquiring any right with respect to the purchase of its own shares
        permitted under section 49B;

   (b)  acquiring any right with respect to the purchase of its own shares in
        pursuance of a contract approved under section 49E;

   (c)  the variation of a contract permitted under section 49B or approved
        under section 49D or 49E; or

   (d)  the release of any of the company's obligations with respect to the
        purchase of any of its own shares under a contract permitted under
        section 49B or approved under section 49D or 49E, shall be made out of
        the company's distributable profits. (Added 77 of 1991 s. 4) [cf. 1985
        c. 6 s. 168 U.K.]