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Companies (Unfair Prejudice Petitions) Proceedings Rules submitted to LegCo
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     The Government submitted today (May 15) the Companies (Unfair Prejudice Petitions) Proceedings Rules (C(UPP)PR) to the Legislative Council.

     The C(UPP)PR) prescribes the rules for the proceedings of the Court of First Instance on unfair prejudice petitions made by members of a company or eligible persons under the new Companies Ordinance (CO).

     "For the implementation of the new CO, we are making subsidiary legislation in batches to provide for the relevant administrative, technical and procedural matters. The C(UPP)PR, made by the Chief Justice, is one of the various pieces of subsidiary legislation and forms part of the new CO," a spokesman for the Financial Services and the Treasury Bureau said.

     The C(UPP)PR is made pursuant to Section 727 of the new CO. The section provides that, subject to the approval of the Legislative Council, the Chief Justice may make rules for regulating the proceedings on unfair prejudice petitions.

     This set of rules covers the detailed procedures concerning petitions, the return day and orders of the court. It also contains provisions on the application of the rules and the Companies (Winding-Up) Rules (Cap 32H) to different petition cases.

     "The main provisions on unfair prejudice petitions are contained in the principal legislation of the new CO. The C(UPP)PR provides for the rules and procedures of the court in handling such petitions so as to facilitate the implementation of the relevant provisions in the principal legislation," the spokesman added.

     The new CO, which was passed by the Legislative Council on July 12, 2012, provides a modernised legal framework for the incorporation and operation of companies in Hong Kong. Its objectives are to enhance corporate governance, improve regulation, facilitate business and modernise the law with a view to strengthening Hong Kong's competitiveness as a corporate domicile and enhancing its status as a major international commercial and financial centre.

     The Government's plan is to bring the new CO into operation in the first quarter of 2014 after enacting the various pieces of subsidiary legislation.

     The C(UPP)PR will be published in Gazette upon approval by the Legislative Council by resolution. It will be brought into operation together with the new CO.

Ends/Wednesday, May 15, 2013
Issued at HKT 17:45

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