188 of 1993 47b at any time while the company is an

Info icon This preview shows pages 7–9. Sign up to view the full content.

View Full Document Right Arrow Icon
188 of 1993) 47B. At any time while the company is an unlisted company within the meaning of the Ordinance, it may, subject to sections 49 to 49S of the Ordinance, purchase its own shares (including any redeemable shares ). <* Note - Exp. X-Ref.: Sections 49 , 49A , 49B , 49BA , 49C , 49D , 49E , 49F , 49G , 49H , 49I , 49J , 49K , 49L , 49M , 49N , 49O , 49P , 49Q , 49R , 49S *> (Added L.N. 188 of 1993) 47C. Notwithstanding section 49B(1) and (2) but subject to sections 49 , 49A , 49B (6), 49F , 49G , 49H , 49I (4) and (5), 49P , 49Q , 49R and 49S of the Ordinance (except that such purchases may be made either out of or otherwise than out of the distributable profits of the company or the
Image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
proceeds of a fresh issue of shares ), the company may purchase its own shares (including any redeemable shares ) in order to- (a) settle or compromise a debt or claim; (b) eliminate a fractional share or fractional entitlement or an odd lot of shares (as defined in section 49B(5) of the Ordinance); (c) fulfil an agreement in which the company has an option, or under which the company is obliged, to purchase shares under an employee share scheme which had previously been approved by the company in general meeting; or (d) comply with an order of the court under- (i) section 8(4) ; (ii) section 47G(5) , where such order provides for the matters referred to in section 47G(6) ; or (iii) section 168A(2) , of the Ordinance. (Added L.N. 188 of 1993) Allotment of Shares 48. The directors shall not exercise any power conferred on them to allot shares in the company without the prior approval of the company in general meeting where such approval is required by section 57B of the Ordinance. General Meetings 49. The Company shall in each year hold a general meeting as its annual general meeting in addition to any other meetings in that year, and shall specify the meeting as such in the notices calling it; and not more than 15 months shall elapse between the date of one annual general meeting of the company and that of the next. Provided that so long as the company holds its first annual general meeting within 18 months of its incorporation, it need not hold it in the year of its incorporation or in the following year. The annual general meeting shall be held at such time and place as the directors shall appoint. 50. All general meetings other than annual general meetings shall be called extraordinary general meetings. 51. The directors may, whenever they think fit, convene an extraordinary general meeting, and extraordinary general meetings shall also be convened on such requisition, or in default, may be convened by such requisitionists, as provided by section 113 of the Ordinance. If at any time there are not within Hong Kong sufficient directors capable of acting to form a quorum, any director or any 2 members of the company may convene an extraordinary general meeting in the same manner as nearly as possible as that in which meetings may be convened by the directors .
Image of page 8
Image of page 9
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern