Part 5     Transitional and Saving Arrangements for Part 5
42.
Reduction of share capital confirmed by Court
(1) Section 58 (so far as it relates to a reduction of share
capital) and sections 59 to 63 of the predecessor Ordinance
and Order 102 of the Rules of the High Court (Cap. 4 sub.
leg. A), as in force immediately before the commencement
date of Subdivision 3 of Division 3 of Part 5, continue to
apply in relation to a resolution for reducing share capital
that was passed under section 58(1) of the predecessor
Ordinance immediately before that commencement date.
(2) Sections 58 to 63 of the predecessor Ordinance and Order
102 of the Rules of the High Court (Cap. 4 sub. leg. A), as
in force immediately before the commencement date of
Subdivision 3 of Division 3 of Part 5—
(a) continue to apply, by virtue of section 48B(1) of the
predecessor Ordinance as so in force, in relation to a
resolution for reducing share premium that was passed
under section 58(1) of the predecessor Ordinance
before that commencement date; and
(b) continue to apply, by virtue of section 49H(4) of the
predecessor Ordinance as so in force, in relation to a
resolution for reducing capital redemption reserve that
was passed under section 58(1) of the predecessor
Ordinance before that commencement date.
(3) Item 1(b) of Schedule 1 to the Companies (Fees and
Percentages) Order (Cap. 32 sub. leg. C), as in force
immediately before its repeal—

(a) continues to apply to an application to confirm a
reduction of share capital made under section 59 of
the predecessor Ordinance having a continuing effect
under subsection (1);
(b) continues to apply, by virtue of section 48B(1) of the
predecessor Ordinance as in force immediately before
its repeal, to an application to confirm a reduction of
share premium made under section 59 of the
predecessor Ordinance having a continuing effect
under subsection (2)(a); and
(c) continues to apply, by virtue of section 49H(4) of the
predecessor Ordinance as in force immediately before
its repeal, to an application to confirm a reduction of
capital redemption reserve made under section 59 of
the predecessor Ordinance having a continuing effect
under subsection (2)(b).
(4) Division 3 of Part 5 does not apply to a reduction of share
capital referred to in subsection (1).
43.
Share redemptions and buy-backs
(1) Sections 49, 49A, 49B, 49BA, 49C, 49E, 49F, 49G, 49H,
49P, 49Q, 49R, 49S, 58 and 168B of, and the Thirteenth
Schedule to, the predecessor Ordinance (so far as they
relate to a redemption or purchase by a listed company
of its own shares), as in force immediately before their
repeal, continue to apply in relation to an authorization
that was in force under section 49BA, 49E(2) or 49F(3)
of the predecessor Ordinance immediately before the
commencement date of Division 4 of Part 5.
(2) Sections 49 to 49S and 58 of the predecessor Ordinance
(so far as they relate to a redemption or purchase by an
unlisted company of its own shares), as in force
immediately before their repeal, continue to apply in
relation to an authorization or approval that was in force

under section 49D, 49E(3) or 49F(2) of the predecessor
Ordinance immediately before the commencement date of
Division 4 of Part 5.
(3) Division 4 of Part 5 does not apply to a redemption or
purchase by a company of its own shares under an
authorization or approval referred to in subsection (1) or
(2).
44.
Redeemable shares issued before commencement date
Any redeemable preference shares issued before 1 September
1991 and any redeemable shares issued on or after that date but
before the commencement date of section 234 may be redeemed
in accordance with this Ordinance.
45.
Effect of company’s failure to redeem or buy back
Sections 271 and 272 do not apply to any redeemable preference
shares issued before 1 September 1991.
46.
Financial assistance by unlisted company for acquisition of its
own shares
(1) Sections 47A to 48 of the predecessor Ordinance (so far as
they relate to the giving of financial assistance by an
unlisted company), as in force immediately before their
repeal, continue to apply to the giving of financial
assistance by an unlisted company if the directors’
statement under section 47E(6) of the predecessor
Ordinance was made before the commencement date of
Division 5 of Part 5.
(2) Division 5 of Part 5 does not apply to the giving of
financial assistance referred to in subsection (1).

47.
Specified newspapers
Until the Chief Secretary for Administration publishes a list of
Chinese language newspapers and English language newspapers
in the Gazette under section 203(2), a Chinese language
newspaper or an English language newspaper specified in the
list of newspapers last published under section 71A(3)(a) of the
predecessor Ordinance is taken to be a specified Chinese
language newspaper or a specified English language newspaper
(as the case may be) for the purposes of Part 5. 

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