There are no transitional arrangements for abolition of the Memorandum of Association ("MA").
The deeming provision set out in section 98 of the new Companies Ordinance, Cap. 622 ("the new CO"), however, provides that conditions (i.e. provisions) of the MA of an existing company will be deemed to be regarded as provisions of the company's Articles of Association ("AA"). In addition, as a result of the migration to no-par, any such condition which states the amount of share capital with which the company proposes to be registered or is registered is regarded as deleted and any such condition that divides the share capital into shares of a fixed amount is also regarded as deleted (section 98(4)).
It is NOT necessary for a company registered under the old Companies Ordinance (Cap. 32) ("the old Ordinance") to make changes to its constitutional documents as a result of the abolition of MA under the new CO, nor is there any need for companies to amend their AA which have made reference to the provisions of the old Ordinance (section 921(5)). Companies may however take the opportunity to review their existing constitutional documents to see if there are any changes that they wish to make as a result of the new CO.
Table A in the First Schedule to the old Ordinance, in so far as not modified by the provisions of the new CO, continues to apply to those existing companies who had adopted Table A (by default or otherwise) as their AA.
Please also see the FAQs on Abolition of the Memorandum of Association.