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Government welcomes passage of Companies (Amendment) Bill 2022
     The Government welcomed the passage of the Companies (Amendment) Bill 2022 by the Legislative Council today (January 18), which provides flexibility for companies to hold general meetings in various manners.
     The manner of holding a general meeting is governed by the Companies Ordinance (Cap. 622), the relevant subsidiary legislation, as well as the company's own articles of association. The amended Companies Ordinance expressly caters for the scenario of local companies holding fully virtual or hybrid general meetings, without limiting them to physical venues.
     "The amended Ordinance will facilitate companies in conducting corporate affairs smoothly and effectively having regard to their own circumstances and needs," a Government spokesman said.
     The amended Ordinance will be published in the Gazette on January 27, 2023, and will come into operation on the expiry of three months after the day on which it is gazetted (i.e. April 28, 2023) so as to allow sufficient time for the trade to prepare and communicate with its members. The Companies Registry will also issue guidelines and organise talks for companies to ensure smooth implementation of the new arrangements.
Ends/Wednesday, January 18, 2023
Issued at HKT 14:48
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