Hong Kong Ordinances

COMPANIES ORDINANCE - SECT 48

Time for giving financial assistance under section 47E

(Past version on 30/06/1997).

(1) This section applies as to the time before and after which
financial assistance may not be given by a company in pursuance of section 
47E .

(2) Where a special resolution is required by that section to be passed
approving the giving of the assistance, the assistance shall not be given
before the expiry of the period of 4 weeks beginning with-

   (a)  the date on which the special resolution is passed; or

   (b)  where more than one such resolution is passed, the date on which the
        last of them is passed, unless for that resolution (or, if more than
        one, each of them), every member of the company which passed the
        resolution who is entitled to vote at general meetings of the company
        voted in favour of the resolution.

(3) If application for the cancellation of any such resolution is made under
section 47G, the financial assistance shall not be given before the final
determination of the application unless the court otherwise orders.

(4) The assistance shall not be given after the expiry of the period of 3
months beginning with-

   (a)  the date on which the majority of the directors of the company
        proposing to give the assistance made their statement under section 
        47E (6); or (Replaced 28 of 2003 s. 18)

   (b)  where that company is a subsidiary and both a majority of its
        directors and a majority of the directors of any of its holding
        companies made such a statement, the date on which the earliest of the
        statements was made, (Replaced 28 of 2003 s. 18) unless the court, on
        an application under section 47G, otherwise orders. (Replaced 77 of
        1991 s. 3) [cf. 1985 c. 6 s. 158 U.K.]