COMPANIES ACT 2016 - Any invitation to the public to deposit money with or to lend money to a corporation shall be deemed to be an invitation to subscribe for or purchase debentures of the corporation 《2016 年公司法》 任何向公众发出将款
COMPANIES ACT 2016
Any invitation to the public to deposit money with or to lend money to a corporation shall be deemed to be an invitation to subscribe for or purchase debentures of the corporation and any document that is issued or intended or required to be issued by a corporation acknowledging or evidencing or constituting an acknowledgment of the indebtedness of the corporation in respect of any money that is or may be deposited with or lent to the corporation in response to such an invitation shall be deemed to be a debenture, but an invitation to the public by a prescribed corporation as defined in subsection 158(8) shall not be deemed to be an invitation to the public to deposit money with or to lend money to the corporation for the purpose of the Interest Schemes Act 2016 [Act 778];
Under the Companies Act 2016, where a corporation invites members of the public to deposit money with it or to lend money to it, that invitation is deemed to be an invitation to subscribe for or purchase debentures of the corporation. This deeming provision ensures that fundraising activities involving public deposits or loans are treated as securities offerings, regardless of the terminology used by the corporation.
Accordingly, any document issued, intended to be issued, or required to be issued by the corporation that acknowledges, evidences, or constitutes an acknowledgment of the corporation's indebtedness in respect of the money deposited or lent is deemed to be a debenture. Such documents may include certificates, loan notes, deposit acknowledgements, investment certificates, promissory instruments, or other written evidence of indebtedness.
The purpose of this provision is to prevent corporations from circumventing the securities regulatory framework by describing fundraising arrangements as deposits, loans, investment programmes, or similar arrangements instead of issuing formal debentures. By treating these transactions as debenture offerings, the Companies Act subjects them to the applicable statutory requirements relating to disclosure, investor protection, and regulatory oversight.
The provision also contains an important exception. An invitation made by a prescribed corporation within the meaning of subsection 158(8) is not regarded as an invitation to the public to deposit or lend money for the purposes of the Interest Schemes Act 2016 [Act 778]. This exception recognises that certain regulated corporations operate under separate legislative or regulatory frameworks and should not automatically fall within the scope of the Interest Schemes Act merely because they invite the public to place money with them.
This deeming provision reinforces the principle that the legal substance of a transaction prevails over its form or description. Where the economic reality is that members of the public are providing funds to a corporation in return for an acknowledgment of indebtedness, the arrangement will generally be treated as a debenture issue, together with the corresponding legal obligations and regulatory safeguards.
Any invitation to the public to deposit money with or to lend money to a corporation shall be deemed to be an invitation to subscribe for or purchase debentures of the corporation and any document that is issued or intended or required to be issued by a corporation acknowledging or evidencing or constituting an acknowledgment of the indebtedness of the corporation in respect of any money that is or may be deposited with or lent to the corporation in response to such an invitation shall be deemed to be a debenture, but an invitation to the public by a prescribed corporation as defined in subsection 158(8) shall not be deemed to be an invitation to the public to deposit money with or to lend money to the corporation for the purpose of the Interest Schemes Act 2016 [Act 778];
Under the Companies Act 2016, where a corporation invites members of the public to deposit money with it or to lend money to it, that invitation is deemed to be an invitation to subscribe for or purchase debentures of the corporation. This deeming provision ensures that fundraising activities involving public deposits or loans are treated as securities offerings, regardless of the terminology used by the corporation.
Accordingly, any document issued, intended to be issued, or required to be issued by the corporation that acknowledges, evidences, or constitutes an acknowledgment of the corporation's indebtedness in respect of the money deposited or lent is deemed to be a debenture. Such documents may include certificates, loan notes, deposit acknowledgements, investment certificates, promissory instruments, or other written evidence of indebtedness.
The purpose of this provision is to prevent corporations from circumventing the securities regulatory framework by describing fundraising arrangements as deposits, loans, investment programmes, or similar arrangements instead of issuing formal debentures. By treating these transactions as debenture offerings, the Companies Act subjects them to the applicable statutory requirements relating to disclosure, investor protection, and regulatory oversight.
The provision also contains an important exception. An invitation made by a prescribed corporation within the meaning of subsection 158(8) is not regarded as an invitation to the public to deposit or lend money for the purposes of the Interest Schemes Act 2016 [Act 778]. This exception recognises that certain regulated corporations operate under separate legislative or regulatory frameworks and should not automatically fall within the scope of the Interest Schemes Act merely because they invite the public to place money with them.
This deeming provision reinforces the principle that the legal substance of a transaction prevails over its form or description. Where the economic reality is that members of the public are providing funds to a corporation in return for an acknowledgment of indebtedness, the arrangement will generally be treated as a debenture issue, together with the corresponding legal obligations and regulatory safeguards.
《2016 年公司法》
任何向公众发出将款项存放于公司（Corporation）或借款予公司的邀请，均应视为邀请公众认购（Subscribe for）或购买（Purchase）该公司的债权证（Debentures）；而任何由公司发出、拟发出或依法须发出的文件，如确认、证明或构成确认公司就公众依据该项邀请而存放或借出的款项所承担债务（Indebtedness）的文件，均应视为债权证（Debenture）。惟由第158(8)条所界定的订明公司（Prescribed Corporation）向公众发出的邀请，就《2016年利益计划法令》（Interest Schemes Act 2016 [Act 778]）而言，不应视为邀请公众向该公司存款或借款。
根据《2016年公司法令》，凡公司邀请公众将资金存放于公司，或向公司提供贷款，该项邀请依法均被视为邀请公众认购或购买公司的债权证（Debentures）。
此项**法律拟制（Deeming Provision）**确保，公司向公众筹集资金的行为，即使采用“存款（Deposit）”、“贷款（Loan）”或其他名称，只要其实质属于公众向公司提供资金，并由公司承担偿还责任，均会被视为证券发行（Securities Offering）的一种，而不会因名称不同而改变其法律性质。
因此，凡公司就有关资金而：
• 已发出（Issued）；
• 拟发出（Intended to be Issued）；或
• 依法必须发出（Required to be Issued）
的任何文件，只要该文件：
• 确认公司所负债务（Acknowledges Indebtedness）；
• 证明公司所负债务（Evidences Indebtedness）；或
• 构成公司负债的确认（Constitutes an Acknowledgment of Indebtedness），
均依法视为债权证（Debenture）。
有关文件可包括但不限于：
• 债权证书（Debenture Certificates）；
• 贷款票据（Loan Notes）；
• 存款确认书（Deposit Acknowledgements）；
• 投资证书（Investment Certificates）；
• 承付票据（Promissory Instruments）；或
• 任何其他证明公司债务关系的书面文件。
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条文的立法目的
本条文的主要目的，是防止公司透过改变交易名称，规避证券法的监管制度。
若无此规定，公司可能将本质上属于债权证发行的集资活动，包装成：
• 存款计划（Deposit Scheme）；
• 借贷安排（Loan Arrangement）；
• 投资计划（Investment Programme）；
• 储蓄计划（Savings Scheme）；或
• 其他类似融资安排，
借此避免适用有关债权证发行的法律规定。
因此，《2016年公司法令》规定，只要公众向公司提供资金，而公司则确认其偿债责任，该安排原则上即属于债权证发行（Debenture Issue），并须遵守有关：
• 信息披露（Disclosure）；
• 投资者保障（Investor Protection）；及
• 监管监督（Regulatory Oversight）
等法定要求。
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法定例外情况
本条文同时规定一项重要例外。
如有关邀请是由**《2016年公司法令》第158(8)条所界定的订明公司（Prescribed Corporation）向公众发出，则就《2016年利益计划法令》（Interest Schemes Act 2016 [Act 778]）**而言：
该项邀请不会被视为邀请公众向公司存款或借款。
此项例外确认，某些受特别法律或专门监管制度规管的公司，已受其他监管框架监督，因此不会仅因其邀请公众存放资金，而自动纳入《2016年利益计划法令》的适用范围。
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实质重于形式原则（Substance over Form）
本条文充分体现公司法及证券法的重要原则：
交易的法律性质，应依据其实质经济内容，而非交易名称或形式决定。
因此，只要交易的经济实质是：
• 公众向公司提供资金；以及
• 公司承认负有偿还该等资金的债务，
则无论有关安排被称为：
• 存款；
• 借款；
• 投资；
• 储蓄计划；
• 收益计划；或
• 其他任何名称，
一般均会被视为债权证发行（Debenture Issue），并须承担相关法律责任及接受相应监管。
Aug 05,2026