No. Under section 17, the new CO applies to an existing company formed and registered under any of the former Companies Ordinances prior to the commencement of the new CO. The definitions of the types of companies in sections 7 to 12 of the new CO are applicable to determine, for the purposes of the new CO, the type of company an existing company belongs. In particular, for the purposes of the new CO –
Existing companies that are companies limited by guarantee (whether private or non-private i.e. items (c) and (d) of the table in Q1 above) now form a separate category of companies under section 9 of the new CO, i.e. companies limited by guarantee ("the Guarantee Companies"). These existing companies are required to comply with the requirements in the new CO applicable to Guarantee Companies.
Examples of some new requirements are:
Requirement for notification of the company's new accounting reference date under section 371(2);
Requirement for holding of annual general meeting ("AGM") within 9 months after the end of the company's accounting reference period under section 610 (instead of in each calendar year under section 111 of the old Ordinance);
Guarantee Companies may also be qualified for the reporting exemption under Division 2 of Part 9 of the new CO; and
Members of Guarantee Companies are entitled to appoint proxies under section 596 upon removal of the restriction in section 114C(1A) of the old Ordinance relating to companies not having a share capital.
Other examples are given in Q5, Q6 and Q7 below.