Hong Kong Ordinances

COMPANIES ORDINANCE - SECT 49R

Transitional cases arising under sections 49 to 49S; and savings

(1) Any preference shares issued by a company before the commencement* of the
Companies (Amendment) Ordinance 1991 (77 of 1991) which could but for the
repeal by that Ordinance of section 49 have been redeemed under that section
are subject to redemption in accordance with the provisions of this Ordinance
as amended by that Ordinance.

(2) In a case to which sections 49 and 49A apply by virtue of this section,
any premium payable on redemption may, notwithstanding the repeal by the
Companies (Amendment) Ordinance 1991 (77 of 1991) of any provision of this
Ordinance, be paid out of the share premium account instead of out of profits,
or partly out of that account and partly out of profits (but subject to the
provisions of this Ordinance as amended by that Ordinance so far as payment is
out of profits).

(3) Any capital redemption reserve fund established before the commencement*
of the Companies (Amendment) Ordinance 1991 (77 of 1991) by a company for the
purposes of the repealed section 49 is to be known as the company's capital
redemption reserve and be treated as if it had been established for the
purposes of section 49H; and accordingly, a reference in any enactment or in
the articles of any company, or in any other instrument, to a company's
capital redemption reserve fund is to be construed as a reference to the
company's capital redemption reserve. (Added 77 of 1991 s. 4) [cf. 1985 c. 6
s. 180 U.K.]
___________________________________________________________________________
___ Note:

* Commencement date: 1 September 1991.