企业投资参与股权投资基金应注意的相关法律问题/何帅领

作者:法律资料网 时间:2024-07-23 21:24:06   浏览:9968   来源:法律资料网
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私募股权投资基金作为一种新型的投融资模式,在我国目前已得到广泛认可,并已逐渐渗透到各个行业和领域。实践中,企业投资参与设立私募股权投资基金的案例很多。比如,卧龙地产作为有限合伙人投资1亿元参股浙江龙信股权投资中心(有限合伙),远洋地产与KKR联合成立地产基金,南京钢铁股份有限公司作为有限合伙人参股上海复星创富股权投资基金合伙企业,中粮集团、新希望集团独立设立旗下农业产业基金。本文所称企业投资参与股权投资基金是指企业利用自有资金投资设立股权投资企业或股权投资管理企业,或者作为有限合伙人/股东投资参与已设立并运行的股权投资基金。

一、投资设立股权投资企业或股权投资管理企业
(一)有关股权投资企业的立法情况
国家有关股权投资企业的规定目前主要就两个:2006年开始实施的《创业投资企业管理暂行办法》和2011年初发布的《国家发展改革委办公厅关于进一步规范试点地区股权投资企业发展和备案管理工作的通知》(下称“253号文”)。创业投资与股权投资并无多大区别,可以理解为创业投资是股权投资的一种,只不过只向处于创建或重建过程中的成长性的创业企业投资。因此,严格来说,目前尚无关于股权投资企业的国家级部门规章性质的规定,只有规范性文件253号文。
在国家确定的股权投资企业先行先试试点地区(包括北京市、天津市、上海市、江苏省、浙江省、湖北省),地方政府均出台了有关股权投资企业及股权投资管理企业的地方性规章及规范性文件。目前股权投资基金在国内各地迅速发展,各地政府都在尝试这一新兴投融资模式,而且均承诺给予税务、租金补贴等方面的政策优惠。

(二)投资设立股权投资企业或股权投资管理企业的基本程序
简单来说,企业可按如下基本程序投资设立股权投资企业或股权投资管理企业:
(1)企业内部决策,确定投资目标和行业。
(2)招聘或选定管理团队,包括PE经理、财务负责人、风控和法律负责人等。
(3)确定基金架构,包括确定采取合伙制还是公司制,自行设立股权投资管理企业还是委托其他成熟的PE管理机构管理基金。
(4)选择注册地区,比较各地设立条件及优惠政策,选择适合基金发展的地区注册设立股权投资企业。
(5)投资人签订合伙协议/章程。
(6)认缴及实缴注册资本,按照当地要求办理,通常要求注册资本(认缴出资总额)不低于1亿元,首期出资不低于2000万元。
(7)工商登记,一般要求在当地指定的工商管理机构登记,比如天津滨海新区、北京中关村科技园区、武汉东湖新技术产业开发区、苏州工业园区等。
(8)发改委备案。基金规模5亿以上的需向国家发改委备案。

(三)股权投资基金典型架构

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(四)对股权投资基金的基本要求
(1)资本募集方式及对象
股权投资企业的资本只能以私募方式向具有风险识别和承受能力的特定对象募集,不得通过在媒体(包括企业网站)发布公告、在社区张贴布告、向社会散发传单、向不特定公众发送手机短信或通过举办研讨会、讲座及其他公开或变相公开方式(包括在商业银行、证券公司、信托投资公司等机构的柜台投放招募说明书等)直接或间接向不特定对象进行推介。
(2)风险揭示及不得承诺保本及固定回报
股权投资企业的资本募集人须向投资者充分揭示投资风险及可能的投资损失,不得向投资者承诺确保收回投资本金或获得固定回报。
(3)对投资者出资方式和缴付时间的要求
所有投资者只能以合法的自有货币资金认缴出资。资本缴付可以采取承诺制,即投资者在股权投资企业资本募集阶段签署认缴承诺书,在股权投资企业投资运作实施阶段,根据股权投资企业的公司章程或者合伙协议的约定分期缴付出资。
(4)投资领域限制
股权投资企业的投资领域限于非公开交易的企业股权,投资过程中的闲置资金只能存放银行或用于购买国债等固定收益类投资产品;投资方向应当符合国家产业政策、投资政策和宏观调控政策。
(5)信息披露
股权投资企业除应当按照公司章程和合伙协议向投资者披露投资运作信息外,还应当于每个会计年度结束后4个月内,向国家发展改革委及所在地协助备案管理部门提交年度业务报告和经会计师事务所审计的年度财务报告。股权投资企业的受托管理机构和托管机构应当于每个会计年度结束后4个月内,向国家发展改革委及所在地协助备案管理部门提交年度资产管理报告和年度资产托管报告。
(6)备案要求
凡在试点地区工商行政管理部门登记的主要从事非公开交易企业股权投资业务的股权投资企业,以及以股权投资企业为投资对象的股权投资企业,除下列情形外,均应当按照要求,申请到国家发展改革委备案并接受备案管理:已经按照《创业投资企业管理暂行办法》备案为创业投资企业;资本规模不足5亿元人民币或者等值外币;由单个机构或者单个自然人全额出资设立,或者虽然由两个及以上投资者出资设立,但这些投资者均系某一个机构的全资子机构。
股权投资企业采取委托管理方式,将资产委托其他股权投资企业或者股权投资管理企业管理的,其受托管理机构应当申请附带备案并接受相应的备案管理。股权投资企业通过组建内部管理团队,对其资产采取自我管理方式的,由股权投资企业负责申请办理备案手续。股权投资企业采取委托管理方式的,可由其受托管理机构负责申请办理备案手续。

(五)对国有企业的特殊要求
对于国有企业,投资设立股权投资企业时须注意相关限制性规定,并在设计基金架构时予以充分考虑。
(1)国有企业不得成为合伙企业的普通合伙人
《合伙企业法》第三条规定,国有独资公司、国有企业、上市公司以及公益性的事业单位、社会团体不得成为普通合伙人。上述规定限制了国有企业成为普通合伙人,也即不能担任合伙企业执行事务合伙人,在采用合伙制的股权投资企业中,国有企业在法律上无法成为合伙企业的控制人,这在一定程度上限制了国有企业投资参与股权投资基金。而目前实践中,存在着很多国有企业投资参与股权投资基金情形。对上述限制性规定的解决方案无外乎以下几种:
A.设立公司制股权投资基金,承受双重征税负担。
B.参股设立股权投资管理公司,与作为普通合伙人股权投资管理公司共同设立股权投资企业。实践中,有的国有企业为控制股权投资基金,通过协议/章程的特别约定控制股权投资管理公司,该种架构模式存在该参股管理公司也被认定为国有企业的风险。
C.通过与国有企业职工签订特别协议,由该职工作为普通合伙人设立公司,国有企业(或设立全资/控股管理公司)作为管理人或有限合伙人,参与股权投资企业,并通过合伙协议特别条款将管理效益分成(一般为收益的20%)约定由管理人或有限合伙发起人享有。该种模式可能会因基金架构特殊在募集资金时遇到困难。
D.通过协议控制某个非国有企业作为普通合伙人,其他操作方式与上述C相同。该种模式的风险主要来自协议控制在发生纠纷时的控制协议是否真正能够得到执行。
(2)国有股转持问题
在股权投资基金募集完成后,若合伙人/股东中的国有企业持有的企业财产份额/股权占50%以上或实际控制基金,有可能会被国有资产管理部门认定为国有股权投资基金。在此情况下,若基金投资的目标企业上市后,基金持有的该目标企业股权,可能会被国有资产管理部门确认为国有股,而因此被要求按照《境内证券市场转持部分国有股充实全国社会保障基金实施办法》第六条的规定,目标企业按首次公开发行时实际发行股份数量的10%,将部分国有股转由社保基金会持有。针对这一问题,在前期可注意了解基金募集情况及新合伙人的企业性质,尽量避免被认定为国有股权基金可能带来的潜在不利影响,在后期注意采取相应的防范措施,比如通过非国有企业子基金投资、与其他非国有企业合资后间接投资于目标企业或在上市前出售部分股份等措施。

(六)股权投资有限合伙企业的优缺点分析

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甘肃省公共机构节能办法

甘肃省人民政府


甘肃省公共机构节能办法

甘肃省人民政府令第79号


  《甘肃省公共机构节能办法》已经2011年3月24日省人民政府第76次常务会议讨论通过,现予公布,自2011年6月1日起施行。

                    
省长 刘伟平
                  
二○一一年三月二十六日




甘肃省公共机构节能办法

  第一条 为了推动公共机构节能,提高公共机构能源利用效率,发挥公共机构在全社会节能中的示范表率作用,根据《中华人民共和国节约能源法》、《公共机构节能条例》等法律法规,结合本省实际,制定本办法。

  第二条 本省行政区域内的公共机构节能工作适用本办法。

  本办法所称公共机构,是指全部或者部分使用财政性资金的国家机关、事业单位和团体组织。

  第三条 省级管理机关事务工作的机构在省管理节能工作的部门指导下,负责推进、指导、协调、监督全省的公共机构节能工作。

  市州、县市区管理机关事务工作的机构在同级管理节能工作的部门指导下,负责本级公共机构节能监督管理工作,指导和监督下级公共机构节能工作。

  教育、科技、文化、卫生、体育等系统主管部门在同级管理机关事务工作的机构指导下,开展本系统内公共机构节能工作;实行省垂直管理的机构在省级管理机关事务工作的机构监督指导下,开展本系统的公共机构节能工作。

  第四条 公共机构的节能工作实行目标责任制和考核评价制度,县级以上人民政府应当将节能目标完成情况列为对公共机构及其负责人年度考核评价的重要内容;未完成年度节能目标任务的,取消其年度评先评优资格,并予以通报。

  管理机关事务工作的机构应当制定公共机构节能考核评价办法,定期进行能效公示,并会同有关部门对本级公共机构的节能工作进行年度考核评价。

  第五条 管理机关事务工作的机构应当会同有关部门,积极组织开展公共机构节能宣传教育及岗位培训,普及节能科学知识,定期组织开展形式多样的能源紧缺体验活动,增强公共机构工作人员的节能意识。

  新闻媒体应加大对公共机构节能的宣传力度,充分发挥舆论引导及监督作用。

  第六条 各级人民政府应当鼓励、支持节能技术开发,推广和应用节能新材料、新产品、新技术,加快淘汰高能耗产品、设备,发挥科研机构、行业协会、学术团体在公共机构节能工作中的技术咨询服务作用。

  第七条 对在公共机构节能工作中做出显著成绩的单位和个人,由人民政府或管理机关事务工作的机构给予表彰奖励。

  第八条 省级管理机关事务工作的机构应当会同有关部门,根据全省经济社会发展规划和节能专项规划,制定全省公共机构节能中长期规划和本级公共机构节能计划。

  市州、县市区管理机关事务工作的机构应当根据全省公共机构节能中长期规划,会同有关部门制定本行政区域公共机构节能中长期规划和本级公共机构节能计划,并报上一级管理机关事务工作的机构备案。

  第九条 管理机关事务工作的机构应当按年度将规划确定的节能目标和指标分解落实到本级公共机构。县级公共机构节能规划确定的节能目标和指标还应当按年度分解落实到乡(镇)、街道公共机构。

  公共机构应当根据本级公共机构节能中长期规划和节能计划,结合本单位用能特点和上年度用能状况,制定年度节能目标和实施方案,并报本级管理机关事务工作的机构备案。

  第十条 公共机构应当明确专人担任节能联络员,负责收集、整理、传递节能工作信息,建立能耗统计台账,按照有关规定按时报送能源消耗统计情况,提出加强节能工作意见和建议等。

  节能联络员应当接受节能、统计等相关业务知识培训。

  第十一条 省级管理机关事务工作的机构应当会同有关部门建立集中的公共机构能耗监测和信息化管理平台,并定期统计、公布全省公共机构能源消耗状况。

  市州、县市区管理机关事务工作的机构应当定期统计、公布本级公共机构能耗状况,并将能耗统计汇总数据和数据分析报告报送上一级管理机关事务工作的机构。

  公共机构应当建立统计台账,定期向同级管理机关事务工作的机构报送能耗统计汇总数据和数据分析报告,逐步实现对能源消耗状况的实时监测。

  第十二条 公共机构应当实行能源消费计量制度,区分用能种类、用能系统实行能源消费分户、分类、分项计量,并定期对能源消费状况进行监测分析,及时发现、纠正用能浪费现象。

  公共机构既有建筑应当结合节能改造计划,逐步做到办公用能与生活用能相分离,办公用能与经营性业务用能相分离,独立核算的上下级单位用能相分离,不相隶属、合署办公的公共机构间用能相分离。

  第十三条 省级管理机关事务工作的机构应当会同有关部门,根据不同行业、不同系统、不同地域公共机构能源消耗综合水平和特点,制定、公布和调整公共机构能源消耗定额。财政部门应当根据公共机构能源消耗定额,制定能源消耗支出标准。

  公共机构应当在能源消耗定额范围内使用能源,定期进行能源消耗状况分析,加强能源消耗支出管理;超过能源消耗定额使用能源的,应当向本级管理机关事务工作的机构作出说明。

  第十四条 省人民政府的政府采购监督管理部门应当会同有关部门完善节能产品、设备政府采购名录,优先将取得节能产品认证证书的产品、设备列入政府采购名录。

  省人民政府应当将节能产品、设备政府采购名录中的产品、设备纳入政府集中采购目录。

  公共机构应当按照国家有关强制采购或者优先采购的规定,采购列入节能产品、设备政府采购名录和环境标志产品政府采购名录中的产品、设备,严禁采购国家和省明令淘汰的用能产品、设备。

  第十五条 管理机关事务工作的机构应当会同有关部门,集中整合和优化配置公共机构办公用房、办公设施、设备等资源,推进公共机构办公用房的统一规划、统一建设、统一管理,提高利用效率,降低能源消耗。

  第十六条 管理机关事务工作的机构会同有关部门制定本级公共机构既有建筑节能改造计划,并组织实施。公共机构既有建筑节能改造应当纳入政府投资项目管理,并按照有关规定履行项目审批手续。

  公共机构新建和既有建筑节能改造应当严格执行国家和省有关建筑节能设计、施工、调试、竣工验收等方面的规定和标准,优先采用节能效果显著的新材料、新产品、新工艺。公共机构既有建筑进行改建、装修、加固时,应当同时考虑节能改造的内容,同步设计,同步施工。

  严禁以节能改造的名义改建、扩建办公用房或者进行超标准装修。

  第十七条 公共机构应当积极采用合同能源管理方式,委托节能服务机构进行节能诊断、设计、融资、改造和运行管理。

  公共机构采用和实施合同能源管理的项目,应当于签订合同之日起30日内向同级管理机关事务工作的机构备案。

  第十八条 公共机构应当积极推进电子政务,加强信息化、网络化建设,推行无纸化办公,合理控制会议数量与规模,建立健全电视电话会议、网络视频会议等系统,降低能源消耗。

  第十九条 公共机构应当采取下列措施加强用能管理:

  (一)加强日常办公用电管理,及时关闭用电设备,减少待机能耗,建立用电巡视检查制度;

  (二)严格执行国家有关空调室内温度控制的规定,充分利用自然通风,改进空调运行管理;

  (三)集中供热的建筑应进行计量改造,加装温控设施,实行供热分户计量和按照用热量计价收费;

  (四)加强自行供热系统运行管理,根据需要对燃煤、燃油、燃气锅炉进行节能检测和改造,采用先进技术和设备,提高能源利用效率;

  (五)电梯系统应当实行智能化控制,合理设置电梯开启的数量、楼层和时间,加强运行调节和维护保养;

  (六)办公建筑应当充分利用自然采光,使用高效节能照明灯具,优化照明系统设计,推广应用智能调控装置,采用限时开启、间隔开灯等方式改进电路控制,严格控制建筑物外部泛光照明以及外部装饰用照明;

  (七)网络机房、食堂、开水间、锅炉房、配电室等部位的用能情况应当实行重点监测,进行科学管理,采取有效措施降低能耗。

  第二十条 公共机构应当采取下列措施加强车辆节能管理:

  (一)按照标准配备公务用车,优先选用低能耗、低污染和清洁能源型车辆,严格执行车辆报废制度;

  (二)制定公务用车节能驾驶规范和单车油耗定额,建立公务用车油耗台账,定期公布单车行驶里程和耗油量状况,推行节油奖励制度;

  (三)积极探索公务用车服务社会化改革,禁止非公务用途使用车辆,鼓励工作人员利用公共交通工具、非机动交通工具出行。

  第二十一条 县级以上地方人民政府应将公共机构节能资金纳入本级财政预算,用于支持节能监督管理体系建设、节能改造、合同能源管理、节能技术及产品的推广应用、表彰奖励等。

  第二十二条 公共机构开展节能活动节约的费用,可以提取一定比例用于节能奖励。具体办法由省级管理机关事务工作的机构会同省财政和省发展改革部门制定。

  第二十三条 管理机关事务工作的机构应当会同有关部门加强对本级公共机构节能工作的监督检查。监督检查的内容包括:

  (一)年度节能目标和实施方案的制定、落实情况;

  (二)能源消费计量、监测和统计情况;

  (三)能源消耗定额执行情况;

  (四)节能管理规章制度建立情况;

  (五)能源管理岗位设置以及能源管理岗位责任制落实情况;

  (六)用能系统和设备节能运行情况;

  (七)开展能源审计情况;

  (八)公务用车节能管理情况;

  (九)开展节能宣传教育情况;

  (十)执行国家和省支持、限制或淘汰使用的用能产品、设备、设施及材料名录的情况;

  (十一)新建建筑在设计、建设过程中执行节能标准,以及既有建筑在改造、装修、加固时的节能措施落实情况;

  (十二)法律、法规和规章规定的其他节能监督检查事项。

  对节能规章制度不健全、超过能源消耗定额使用能源情况严重的公共机构,应当进行重点监督检查。

  第二十四条 公共机构违反规定用能造成能源浪费的,由本级管理机关事务工作的机构下达节能整改意见书,公共机构应当按照整改意见书的要求进行整改,并将整改结果报告管理机关事务工作的机构;管理机关事务工作的机构应当对整改情况进行监督检查。

  第二十五条 公共机构应当配合节能监督检查,如实说明有关情况,提供相关资料和数据,不得拒绝、阻碍。

  第二十六条 公共机构的节能工作应当接受社会监督,任何单位和个人都有权举报公共机构浪费能源的行为。

  管理机关事务工作的机构应当设立举报电话、信箱及网站,接受社会公众对公共机构浪费能源行为的举报,会同有关部门对举报事项及时调查处理,并将调查结果反馈给举报人。

  第二十七条 公共机构违反规定,使用能源超过能源消耗定额不能充分说明理由,接到整改意见书后逾期不改正的,予以通报批评;情节严重的,由有关机关对公共机构负责人依法给予行政处分;造成能源严重浪费的,经管理机关事务工作的机构报请本级人民政府同意,由财政部门在安排该单位下一年度预算时压缩其5%至10%的公用经费。

  第二十八条 公共机构不执行节能产品、设备政府采购名录,未按照国家有关强制采购或者优先采购的规定采购列入节能产品、设备政府采购名录中的产品、设备,或者采购国家明令淘汰的用能产品、设备的,由政府采购监督管理部门责令限期改正,可以并处1万元以上3万元以下的罚款;情节严重的,由有关部门对直接负责的主管人员和其他直接责任人员依法给予行政处分,并予以通报。

  第二十九条 从事管理机关事务工作的人员在公共机构节能监督管理中滥用职权、玩忽职守、徇私舞弊的,依法给予行政处分;构成犯罪的,依法追究刑事责任。

  第三十条 本办法自2011年6月1日起施行。



PROTECTION OF WAGES ON INSOLVENCY ORDINANCE ——附加英文版

Hong Kong


PROTECTION OF WAGES ON INSOLVENCY ORDINANCE
 (CHAPTER 380)
 CONTENTS
  
  ion
  
  I    PRELIMINARY
  hort title
  nterpretation
  
  II    PROTECTION OF WAGES ON INSOLVENCY FUND BOARD
  stablishment and incorporation of Wages on Insolvency Fund Board
  unctions and powers of the Board
  oard to be subject to directions of the Governor in Council
  
  III   FUND
  stablishment of Protection of Wages on Insolvency Fund
  ayments from the Fund
  
  IV    FINANCIAL PROVISIONS
  inancial year and estimates
  ank account
  Investment of moneys
  Accounts
  Auditors
  Statements and reports to be laid on table of Legislative Council
  Costs of administering the Fund
  
  V    PAYMENT FROM THE FUND
  Entitlement to apply for ex gratia payment
  Payment
  Review by Board
  Additional power of Commissioner
  Verification of application
  Decisions under this Part not to be challenged
  Power of Commissioner to delegate
  Payment not to affect right to legal aid
  Proof by certificate
  
  VI    RECOVERY OF PAYMENTS
  Subrogation
  Recovery of payment made by mistake
  
  VII   MISCELLANEOUS
  Offences
  Regulations
  Power of Governor to amend Schedule
  Transitional
  
  dule Protection of Wages on Insolvency Fund Board
  
  rovide for the establishment of a board to administer the
Protection
  ages on Insolvency Fund, to provide for payment of monies from
the
  to employees whose employers become insolvent; and for matters
  ected therewith or incidental thereto.
  April 1985] L. N. 100 of 1985
 PART I PRELIMINARY
  
  hort title
  Ordinance may be cited as the Protection of Wages on 
Insolvency
  nance.
  nterpretation
  his Ordinance, unless the context otherwise requires--
  licant" means any person who would, on the winding up of a company,
be
  tled to priority under section 265 (1) (b), (c), (ca) or (cc) of 
the
  anies Ordinance (Cap. 32) or who would, on a bankruptcy, be 
entitled
  riority under section 38 (1) (b), (c), (ca) or (cc) of the 
Bankruptcy
  nance (Cap. 6) other than a person whose employer is an individual
and
  is a member of the family of that employer and who dwells in the 
same
  ling as that employer; (Amended 48 of 1987 s. 2; 38 of 1989 s.
2)
  kruptcy petition" means a bankruptcy petition under the 
Bankruptcy
  nance (Cap. 6);
  rd" means the Protection of Wages on Insolvency Fund Board
established
  ection 3;
  missioner" means the Commissioner for Labour;
  pany" means any body which is liable to be wound up 
under the
  anies Ordinance (Cap. 32);
  ancial year" means the financial year of the Fund fixed under 
section
  Fund" means the Protection of Wages on Insolvency Fund referred
to in
  ion 6;
  y" has the meaning assigned to it by section 2 of the 
Business
  stration Ordinance (Cap. 310);
  everance payment" means a severance payment payable by an
employer to
  mployee under section 31B (1) of the Employment Ordinance (Cap.
57);
  laced 45 of 1991 s. 2)
  "wages" means wages or salary in respect of
  h an applicant would, on the winding up of a company, be entitled 
to
  rity under section 265 (1) (b) or (c) of the Companies Ordinance
(Cap.
  or who would, on a bankruptcy, be entitled to priority under 
section
  1) (b) or (c) of the Bankruptcy Ordinance (Cap. 6), save 
that the
  nt specified in section 265 (1) (b) or (c) of the Companies
Ordinance
  . 32) or section 38 (1) (b) or (c) of the Bankruptcy Ordinance 
(Cap.
  as the case may be) as the maximum amount in respect of 
which an
  icant would be entitled to priority, or any amount 
substituted
  efor under section 265 (1A) or (1B) of the Companies Ordinance 
(Cap.
  or (as the case may be) section 38 (2), (2A) or (2B) of the
Bankruptcy
  nance (Cap. 6), shall not apply; (Amended 15 of 1993 s. 2)
  "wages in lieu of notice" means wages in lieu of notice in respect 
of
  h an applicant would, on the winding up of a company, be entitled 
to
  rity under section 265 (1) (cc) of the Companies Ordinance (Cap. 
32),
  ould, in a bankruptcy, be entitled to priority under section 38
(1)
  of the Bankruptcy Ordinance (Cap. 6), save that the amount 
specified
  ection 265 (1) (cc) of the Companies Ordinance (Cap. 32) or
section 38
  (cc) of the Bankruptcy Ordinance (Cap. 6) (as the case may be)
as the
  mum amount in respect of which an applicant would be 
entitled to
  rity shall not apply; (Added 48 of 1987 s. 2. Amended 15 of 1993
s. 2)
  ding-up petition" means a winding-up petition under Part V or X
of the
  anies Ordinance (Cap. 32).
 PART II PROTECTION OF WAGES ON INSOLVENCY FUND BOARD
  
  stablishment and incorporation of Wages on Insolvency Fund Board
  There is hereby established a board to be known as the Protection 
of
  s on Insolvency Fund Board and in the Chinese language as which 
shall
  body corporate.
  The Board shall consist of a Chairman appointed under the Schedule
and
  more than 10 members appointed by the Governor as follows--
  subject to paragraph (b) not more than 4 public officers;
  equal numbers of persons who, in his opinion, represent employers 
and
  ons who, in his opinion, represent employees.
  The Governor shall give notice of each appointment by notice in 
the
  tte.
  The Schedule shall have effect with respect to the Board.
  unctions and powers of the Board
  The Board shall have the following functions--
  to administer the Fund;
  to make recommendations to the Governor with respect to the 
rate of
  ; and
  to perform such other duties as are imposed or other powers as 
are
  erred on it by this Ordinance.
  The Board may do all such things as are necessary for, or 
incidental
  onducive to, the better carrying out of the functions of the Board
and
  in particular, but without prejudice to the generality 
of the
  going--
  hold, acquire or lease all kinds of property whether 
movable or
  vable;
  sell or otherwise dispose of all kinds of property whether movable 
or
  vable;
  subject to section 10, invest its funds in such manner and to 
such
  nt as it thinks necessary or expedient; and
  with the prior consent of the Financial Secretary, borrow 
money in
  manner and on such securities or terms as it thinks expedient.
  oard to be subject to directions of the Governor in Council
  Governor in Council may give to the Board such directions as he
thinks
  with respect to the exercise of its functions under this Ordinance
and
  Board shall comply with any such direction.
 PART III FUND
  
  stablishment of Protection of Wages on Insolvency Fund
  fund known as the Protection of Wages on Insolvency Fund 
established
  r the provisions of section 21 of the Business Registration
Ordinance
  . 310) in force immediately before the commencement of this 
Ordinance
  l be deemed to be established and continue in existence under 
this
  ion, and shall consist of--
  moneys that are paid by the Commissioner of Inland Revenue under 
that
  ion whether paid before or after the commencement of this
Ordinance;
  moneys recovered under Part VI;
  interest and other income derived from the moneys and 
investments
  rising the Fund; and
  other moneys lawfully paid into the Fund.
  ayments from the Fund
  e shall be paid from the Fund the following--
  payments to applicants under section 16;
  expenses incurred by the Board for the purposes of this Ordinance;
  capital, interest and charges in respect of any loan; and
  any other sums required or permitted to be paid by the Fund under
this
  nance.
 PART IV FINANCIAL PROVISIONS
  
  inancial year and estimates
  The Board may, from time to time, with the prior approval 
of the
  rnor, fix a period to be the financial year of the Fund.
  In each financial year, before a date to be fixed by the Governor,
the
  d shall submit to the Governor, for his approval, estimates 
of the
  me and expenditure of the Fund for the next financial year:
  ided that the estimates for the first financial year of the Fund
shall
  ubmitted as soon as practicable after the commencement 
of this
  nance.
  The Governor shall consider the estimates submitted to 
him under
  ection (2) and may approve or reject them and, in the 
case of
  ction, may require the Board to resubmit the estimates 
modified in
  manner and within such time as the Governor may direct.
  The Board may, from time to time, vary the estimates approved 
under
  ection (3) and shall, as soon as practicable, deliver to the 
Governor
  atement in writing containing details of any variation.
  ank account
  Board shall open and maintain an account with a bank approved by 
the
  ncial Secretary and shall pay all moneys of the Fund 
into that
  unt.
  Investment of moneys
  moneys of the Fund that are not immediately required by the Board 
may
  
  deposited on fixed term or call deposit or in a savings account
in
  bank licensed under the Banking Ordinance (Cap. 155); or
  with the prior approval of the Financial Secretary, invested in 
such
  r investments as the Board thinks fit.
  Accounts
  Board shall--
  keep and maintain such accounts and records of all transactions
of the
  as the Director of Accounting Services may require; and
  after the end of each financial year cause to be prepared a 
statement
  he accounts of the Fund which shall include an income and 
expenditure
  unt and balance sheet and shall be signed by the Chairman.
  Auditors
  The Board shall at the commencement of each financial year 
appoint
  tors, who shall be entitled to have access to all books of 
account,
  hers and other records kept by the Board and to 
require such
  rmation and explanations as they may think fit.
  The auditors shall audit the statement of accounts prepared 
under
  ion 11 and shall report thereon to the Board.
  Statements and reports to be laid on table of Legislative Council
  The Board shall, within 6 months after the end of each financial 
year
  uch further time as the Governor may for any particular year 
allow,
  it to the Governor a report on the activities of the Board for 
that
  ncial year including copies of the statement of accounts 
prepared
  r section 11 and the report made under section 12.
  The Governor shall cause the reports and statements received 
by him
  r subsection
  to be laid on the table of the Legislative Council.
  Costs of administering the Fund
  All costs and expenses incurred by the Government in
administering the
  shall be a charge upon general revenue.
  The Financial Secretary may direct that a supervision fee 
to be
  rmined by him, in relation to such period as may be determined
by him,
  l be charged against the income of the Fund and shall at a 
time
  rmined by him be paid to him by the Board from the Fund and paid 
by
  into general revenue.
 PART V PAYMENT FROM THE FUND
  
  Entitlement to apply for ex gratia payment
  Subject to this Part, an applicant to whom--
  wages are due and unpaid;
  wages in lieu of notice are due and unpaid; or
  the liability to be paid a severance payment has arisen 
and the
  rance payment is unpaid, whether or not the severance payment is 
then
  may apply for an ex gratia payment from the Fund in respect of 
the
  s, wages in lieu of notice or the severance payment, as the case 
may
  or all or any of them. (Replaced 38 of 1989 s. 3)
  An application under subsection (1) (in this Part called an
  lication" ) shall be made to the Commissioner in writing in a 
form
  oved by him. (Amended 48 of 1987 s. 3)
  No applicant shall apply for payment from the Fund in respect of 
any
  s for services rendered before 1 April 1985.
  No applicant shall apply for payment from the Fund in respect of
wages
  ieu of notice arising out of a contract of employment 
terminated
  re the commencement of the Protection of Wages on Insolvency
  ndment) Ordinance 1987 (48 of 1987). (Added 48 of 1987 s. 3)
  No applicant shall apply for payment from the Fund in respect 
of a
  rance payment the liability for payment of which arose 
before the
  encement of the Protection of Wages on Insolvency 
(Amendment)
  nance 1989 (38 of 1989). (Added 38 of 1989 s. 3)
  
  Payment
  Subject to subsections (1B) and (2) where it appears 
to the
  issioner that an employer has failed to pay any wages, wages in 
lieu
  otice or severance payment, as the case may be, or all or any of 
them
  n applicant and that--
  in the case of an employer who is not a company--
  a bankruptcy petition has been presented against him; or
  he has committed an act of bankruptcy within the meaning of
section 3
  he Bankruptcy Ordinance (Cap. 6) but a petition cannot be 
presented
  nst him by reason of section 6 (1) (a) of that Ordinance; or
(Replaced
  f 1988 s. 2)
  in the case of an employer who is a company, a winding-uppetition 
has
  presented against that employer,
  ay make an ex gratia payment to the applicant out of the Fund of 
the
  nt of the wages, wages in lieu of notice or severance payment,
as the
  may be, or all or any of them.
  When the Commissioner makes a payment under subsection (1) (a) 
(ii),
  hall give notice of the payment and the reasons therefor 
in the
  tte. (Added 41 of 1988 s. 2)
  Where an application has been made in respect of a severance 
payment
  h is not due at the date of the application, the 
Commissioner may
  r consideration of the application until the severance payment
becomes
  (Added 38 of 1989 s. 4)
  The Commissioner shall not make any payment under subsection
(1)--
  to the applicant unless the applicant has verified his
application by
  atutory declaration in a form approved by the Commissioner;
  ) of an amount exceeding $18,000 in respect of wages; (Replaced
15 of
  s. 3)
  ) (Repealed 15 of 1993 s. 3)
  in respect of wages for services rendered more than 4 months prior 
to
  date of application;
  in respect of wages in lieu of notice--
  ) of an amount exceeding--
  the equivalent of 1 month's wages of the applicant; or
  $6,000,
  hever is the lesser; or (Amended 15 of 1993 s. 3)
  subject to subsection (2A), which became due more than 4 months
prior
  he date of application; or (Replaced 38 of 1989 s. 4)
  in respect of a severance payment--
  of an amount exceeding the aggregate of $8,000 and half of that 
part
  he applicant's entitlement to severance payment in excess of 
$8,000;
  Replaced 45 of 1991 s. 3)
  the liability for payment of which arose more than 4 months prior 
to
  date of application. (Added 38 of 1989 s. 4)
  Subsection (2) (e) (ii) shall not apply to wages in lieu of 
notice
  ing out of a contract of employment terminated before the
commencement
  he Protection of Wages on Insolvency (Amendment) Ordinance 1989
(38 of
  ). (Added 38 of 1989 s. 4)
  ) The Legislative Council may be
  lution amend the period specified in subsection (2) (e) (i) (A)
or the
  nt specified in subsection (2) (b), (e) (i) (B) or (f) (i). 
(Added 48
  987 s. 4. Amended 15 of 1993 s. 3)
  nded 48 of 1987 s. 4; 38 of 1989 s. 4)
  
  Review by Board
  Any applicant aggrieved by any decision of the Commissioner 
under
  ion 16 may in writing--
  request the Commissioner to give reasons for that decision; and
  after being given reasons under paragraph  (a), 
request  the
  issioner to refer the application to the Board.
  Upon receiving a request from an applicant under subsection (1) 
(b),
  Commissioner shall forward all documents relating to the 
application
  he Chairman of the Board.
  The Board may confirm or vary any decision of the Commissioner 
on an
  ication referred to it under this section or may for those 
purposes
  ire the Commissioner to make further inquiries relating 
to the
  ication.
  Additional power of Commissioner
  Notwithstanding that in any particular case a petition referred
to in
  ion 16 (1) (a) (i) or (b) has not been presented against an 
employer,
  Commissioner may, subject to subsection (2) of that section, 
make an
  ratia payment under that section in that case if in his opinion--
  nded, 41 of 1988 s. 3)
  the employer employs less than 20 employees;
  sufficient evidence exists to support the presentation of a 
petition
  hat case on the ground--
  if the employer is a company, that he is unable to pay his debts;
or
  if the employer is a person other than a company, that 
he has
  itted an act of bankruptcy; and
  it is unreasonable or uneconomic to present a petition in that
case.
  Where the Commissioner exercises his discretion under 
subsection (1)
  ake payment, he shall give notice in the Gazette stating that,
in his
  ion, sufficient evidence exists to support the 
presentation of a
  tion on the ground--
  if the employer is a company, that he is unable to pay his debts;
or
  if the employer is a person other than a company, that 
he has
  itted an act of bankruptcy.
  Nothing in subsection (2) shall require the Commissioner to give 
more
  one notice in respect of each employer.
  No action shall lie against the Commissioner in respect of any 
notice
  n under subsection (2).
  
  Verification of application
  For the purpose of verifying any application under section 15, 
or if
  equired by the Board under section 17 (3), the Commissioner may 

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