New Hong Kong Companies Ordinance: Execution of documents (PDF)

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1 New Hong Kong Companies Ordinance: Execution of documents BRIEFING NOVEMBER 2013 WHEN IN FORCE: 3 March 2014 COMPANIES AFFECTED: All Hong Kong incorporated companies NEW PROVISIONS: Part 3 of new CO: ss124, 127, COMMON SEAL Summary of changes Under the existing legislation, every company must have a common seal. Under the new CO, companies have a choice of whether or not to adopt and use a common seal. If a company chooses to adopt a common seal then the existing requirements (that the seal must be metallic and have the company s name engraved thereon in legible characters) continue to apply. If a company wishes to change its current practice of using a seal, the articles of association should be checked as amendments will likely be required. 2. EXECUTION OF DOCUMENTS Summary of changes The current Companies Ordinance is silent on execution requirements (although statutory presumptions are found in other ordinances). Usually, a company s articles of association prescribe the manner in which the company seal may be used. Section 127 of the new CO states that a company may execute a document by: affixing its common seal in accordance with the requirements contained in its articles of association; or signing the document by any two directors or any director and the company secretary or (in the case of a single-director company) its sole director.

2 November 2013 New Hong Kong Companies Ordinance: Execution of documents In respect only of a purchaser for valuable consideration who acts in good faith, a document which on its face purports to have been signed in accordance with the above requirements is deemed to have been duly executed by the company. The new s127 is permissive. In addition to the above, a company may continue to use other ways to execute documents e.g. through a directors resolution appointing authorized signatories. However, the deeming provision in favour of purchasers for valuable consideration who act in good faith will only apply to documents executed in accordance with s127. Companies should continue to adhere to any limitations set out in the articles of association when executing documents. If a company wishes to change its current execution practices and sign documents in accordance with the new s127 provisions, the articles of association should be checked as amendments may be required. 3. EXECUTION OF DEEDS Summary of changes The current Companies Ordinance is silent on the execution requirements for deeds (although statutory presumptions are found in other ordinances). Usually, a company s articles of association prescribe the way in which the company seal may be used. The new CO requirements for a company to execute a document as a deed are: execution of the document must be in accordance with s127 outlined above (i.e. execution by seal or under hand by, e.g., two directors); the document must be expressed to be executed by the company as a deed; and the document must be delivered as a deed. If a company wishes to execute deeds without affixing a seal, the articles of association should be checked as amendments will likely be required. To satisfy the requirement that the deed is expressed to be executed by the company as a deed, deeds should continue to incorporate a testimonium. Notwithstanding the new way of executing deeds under hand, companies may in their articles adopt specific procedures for execution of deeds (whether under hand or under seal). Best practice when considering if a counterparty has properly executed a document as a deed is to review the counterparty s articles of association. 02

3 November 2013 New Hong Kong Companies Ordinance: Execution of documents Guidance from the Law Society in 2002 on the execution of deeds governed by Hong Kong law suggests that, as a matter of prudence, such execution of deeds be witnessed. This guidance remains in force, although it is not a legal or regulatory requirement. We expect that the Law Society will consider updating this guidance so that it does not apply to execution of deeds under the new (under hand) requirements. 4. EXECUTION OF DEEDS BY FOREIGN COMPANIES As per the present legislation, the new CO is silent on the question of valid execution by a foreign company of a Hong Kong law document expressed to be a deed. Foreign companies should therefore continue to sign deeds in the same way as under existing law and practice. 5. SAMPLE TESTIMONIUM A sample testimonium is set out below. IN WITNESS of which this document has been executed and delivered as a deed on the date which first appears above. 6. SAMPLE NEW-FORM EXECUTION BLOCK A sample execution block for a Hong Kong company executing a deed under the new (under hand) requirements of the new CO is set out below. EXECUTED and DELIVERED as a deed ) by [name of company] ) acting by either two directors or one ) director and the company secretary ) The two directors (or director and company secretary) would sign and print names at the right hand side of the execution block. The above sample execution block will need to be tailored for each particular Hong Kong company, to reflect the execution requirements set out in the company s articles. Slaughter and May 2013 This material is for general information only and is not intended to provide legal advice. For further information, please speak to your usual Slaughter and May contact. SSNW7.indd1113

4 司力达律师楼新香港公司条例 : 签立文件简介 2014 年 2 月实施日期 : 2014 年 3 月 3 日受影响公司 : 所有在香港注册成立的公司新条文 : 新公司条例第 3 部, 第 124 条第 127 条第 128 条 1. 法团印章变更概要根据现行法例, 公司必须备有法团印章根据新公司条例, 公司可选择是否盖上及使用法团印章如公司选择盖上法团印章, 则现有的规定 ( 印章须为金属印章, 印章上以可阅字样刻有公司名称 ) 继续适用如公司希望更改其现时使用法团印章的习惯, 应查考其组织章程细则, 因为可能需要作出修订 2. 签立文件变更概要现有的公司条例并无说明签立的规定 ( 尽管在其它条例找到了法定推定 ) 公司的组织章程通常订明公司可以使用法团印章的方式新公司条例第 127 节说明公司可藉以下方式签立文件 : 按照其组织章程细则所载的规定盖上法团印章 ; 或由两名董事或任何董事与公司秘书或 ( 如属只有一名董事的公司 ) 由公司的唯一董事签立文件只就属付出有价值代价的真诚购买人而言, 看来已按照以上规定签署的文件乃被视为已由公司签立

5 2014 年 2 月新香港公司条例 : 签立文件新的第 127 条是获准的除上文所述者外, 公司可以继续使用其它方式签立文件 - 如通过董事决议案委任授权签署人然而, 属付出有价值代价的真诚购买人的公认条文仅将适用于按照第 127 条签立的文件公司在签立文件时应继续遵照其组织章程细则所载的限制如公司有意按照新的第 127 条条文更改其现有签立惯例及签立文件, 应查考其组织章程细则, 因为可能需要作出修订 3. 签立契据变更概要现有的公司条例并没有说明契据的签立规定 ( 尽管在其它条例中找到法定推定 ) 公司的组织章程细则通常订明可以使用公司法团印章的方式公司签立文件作契据的新公司条例的规定如下 : 必须按照上文所概述的第 127 条签立文件 ( 即以印章或亲笔 ( 即由两名董事 ) 签立 ); 必须在该文件中说明该文件由公司作为契据签立 ; 及将该文件作为契据交付如公司希望在没有盖上法团印章的情况下签立契据, 应查考公司的组织章程细则, 因为可能需要作出修订为满足说明契据将由公司作为契据而签立的规定, 契据应继续载有签名前条款尽管设有亲笔签署契据的新方式, 公司可以就签立契据在其细则采纳特定程序 ( 不论亲笔或盖上印章 ) 在考虑对手方是否已适当地签立文件作为契据的最佳惯例是审阅对手方的公司组织章程律师会在 2002 年发出有关香港法例规管契据执行的指引建议, 为审慎起见, 签立契据需要有见证人该指引仍然有效, 即使已不属于一项法律或规管规定我们预期律师会将考虑更新此项指引, 使其并不适用于根据新的 ( 亲笔签署 ) 规定签立契据 4. 外国公司签立契据根据现时的法例, 新的公司条例并没有说明有关外国公司有效签立香港法律文件为契据的问题 02 司力达律师楼

6 2014 年 2 月新香港公司条例 : 签立文件因此, 外国公司应继续按照根据现有法律及惯例的方签署契据 5. 签名前条款的样本签名前条款的样本载列如下本文件已于上开日期签署并以契据形式交付, 特此为证 6. 新格的签署栏样本香港公司根据新的 ( 亲笔签署 ) 规定的签署栏样本载述如下由 [ 公司名称 ] 的 ) 两名董事或 ) 一名董事与公司秘书代行 ) 两名董事 ( 或董事与公司秘书 ) 在签署栏的右边签署以契据形式签立及交付需要就每家特定的香港公司修改上述签署栏样本, 从而反映公司细则所载的签立规定司力达律师楼 2014 年本材料仅供参考, 并不拟作提供法律意见之用有关进一步资料, 请与您惯常接触的司力达律师楼的职员联系 ssnw7.indd114

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