Assessing the Impact of the New Hong Kong Companies Ordinance on Charitable Institutions

The new Hong Kong Companies Ordinance (Cap. 622) (New CO) came into effect on March 3, 2014, with the aim to enhance corporate governance, ensure better regulation, facilitate business and modernize the law. As the New CO essentially replaces an 80-year-old regulatory framework, the changes have far-reaching effects for companies, their directors, officers and other stakeholders.

The impact also will be felt by registered charitable institutions incorporated as Hong Kong companies limited by guarantee (CLGs). While there is no single governmental body or piece of legislation regulating Hong Kong charities, these entities and their directors and officers need to consider the myriad ways in which the New CO may affect their operations.

Please see full memorandum below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: General Business Updates, International Trade Updates, Nonprofits Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Skadden, Arps, Slate, Meagher & Flom LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »