L2pp_Legal%20&%20Professional%20Requirements -...

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1 1 LEGAL AND PROFESSIONAL REQUIREMENTS 2 LEGAL REQUIREMENTS Companies Ordinance: requires every limited company in H.K. to have an annual audit auditor to give an opinion on the financial statements T & F view? The Ordinance sets up rights and duties of auditors, procedures for appointment , resignation and removal of auditors. Listing Rules 3 APPOINTMENT OF AUDITORS The person must be qualified under the Professional Accountants Ordinance Appointment at AGM by members: To reappoint (S131(1) of Co Ord).: by ordinary resolution ,i.e. simple majority); to appoint an auditor other than the retiring one (S.132(1)(a)) by ordinary resolution and special notice. Appointed by directors to fill a casual vacancy (S131(5)). Appointed by directors for the company’s first auditor. If not the company may appoint the first auditor in the general meeting (S.131) Appointed by court: if no auditor is appointed at the AGM, the court may, on the application of members of the company, appoint a person to fill the vacancy 4 VACATION OF OFFICE Removal S.131(6) &132(1)(d) of Co.ord.: ordinary and special notice The company send a copy of notice to the auditor. Notice of resolution to be given to the Company Registrar within 14 days (S131(6)).
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2 5 VACATION OF OFFICE (CONT’D) Resignation S.140A(1) of Co.ord.: submit written notice to the company.
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L2pp_Legal%20&%20Professional%20Requirements -...

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