Professional Accountants Ordinance

(1)
The Council may make
rules—
(a)
specifying provisions to be included in the articles of association of
                    companies applying for
                    registration,
                    or registered, under the AFRC Ordinance;
(Amended
28 of 2012 ss. 912
&
920
;
41 of 2021 s. 131
)
(b)
specifying all or any of the terms on which insurance policies to which this section applies are to be provided including terms as to run-offs;
(c)
specifying the following amounts in Hong Kong dollars, namely, the minimum cover as regards any particular claim by way of professional indemnity on foot of insurance policies to which this section applies and the minimum aggregate cover provided as regards a specified period by way of such indemnity;
(d)
specifying 1 or more formulae or a scheme by the use of or by reference to which an amount, being such minimum cover or minimum aggregate cover, is to be calculated or otherwise ascertained;
(e)
enabling professional indemnity insurance to be effected by means of a
                    policy covering all or any 1 or more of the
following—
(i)
every certified public accountant for the time being;
(Amended
23 of 2004 s. 54
)
(ii)
every firm for the time being of certified public accountants (practising);
(Amended
23 of 2004 s. 52
)
(iii)
(Repealed
23 of 2004 s. 52
)
(iv)
every corporate practice for the time being;
(v)
all such accountants, firms or practices as are of a class or
                        description specified in the
                        rules;
                        and
(Amended
41 of 2021 s. 131
)
(f)
(Repealed
41 of 2021 s. 131
)
(g)
providing for matters incidental or supplementary to any matter mentioned in the foregoing paragraphs.
(2)
Rules under this section may also relate to all companies described in subsection
(1
)(
a)
or all insurance policies to which this section applies or to such companies or policies as are of a class or description specified in the rules.
(3)
This section applies to insurance policies of professional indemnity insurance
                which are, or are proposed to be, effected, whether wholly or partly, for the
                purposes of
section
                    20AAZY
of the AFRC Ordinance.
(Amended
41 of 2021 s. 131
)
(4)
For the avoidance of doubt, it is hereby declared that
section 34
of
                the Interpretation and General Clauses Ordinance (
Cap. 1
)
                does not apply to rules made under this section.
(Added
23 of 2004 s. 52
)