THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 15, 1911.
(2) Where with the object of keeping debentures alive for the urpose of re-issue they have either before or after the passing of this Ordinance been transferred to a nominee of the company, a transfer from that nominee shall he deemed to be a re-issue for the purposes of this section.
(3) Where a company bas either before or after the passing of this Ordinance deposited any of its deboutures to securo advances from time to time on current account or otherwise, the debentures shall not be deemed to have been redeemed by reason only of the account of the company having ceased to be in debit whilst the debentures remained so deposited.
(4) The re-issue of a debenture or the issue of another debenture in its place under the power by this section, given to, or deemed to have been possessed by, a company, whether the re-issue was made before or after the passing of this Ordinance, shall be treated as the issue of a new debenture for the purposes of stamp duty, but it shall not be so treated for the purposes of any provision limiting the amount or number of debentures to be issued:
Provided that any person lending money on the security of a debenture re-issued under this section which appears to be duly stamped may give the debenture in evidence in any proceedings for enforcing his security without payment of the stamp duty or any penalty in respect thereof, unless be had notice or, but for his negligence, might have dis- covered, that the debenture was not duly stamped. but in any such ease the company shall be liable to pay the proper stamp duty and penalty,
(5) Norbing in this section shall prejudice----
(a) the operation of any judgment or order of a court of competent jurisdiction pronouneed or made before the date of the coming into operation of this Ordinance as hetween the parties to the proceedings in which the judg- ment was pronounced or the order made, and any appeal from any such judgment or order shall be decided as if this Ordinance bad not been passed; or
tby any power to issue debentures in the place of any debentures paid off or otherwise satisfied. or extinguished, reserved to a company by
its debentures or the securities for the same,
formance of
107. A contract with a company to take up and pay specific per- for any debentures of the company may be enforced by an order for specific performance.
Contract to subscribe for debentures.
A Edw. 7 c. 89 s. 105.
103.--(D) Where either a receiver is appointed on Payments of behalf of the holders of any debentures of a company certain debts secured by a floating charge, or possession is taken by or out of assets
subject to on behalf of those debenture holders of any property com- floating prised in or subject to the charge, then, if the company charge in is not at the time in course of being wound up. the debts which in every winding-up are under the provisions of Part IV of this Ordinance relating to preferential pay nents to be paid in priority to all ether debts, shall be paid forthwith out of any assets coming to the hands of the receiver or other person taking possession as aforesaid in priority to any claim for principal or interest in respect of the debentures.
(2) The periods of time mentioned in the said provisions of Part IV of this Ordinance shall be reckoned from the date of the appointment of the receiver or of possession being taken as aforesaid, as the case may be.
(3) Any payments made under this section shall be recouped as far as may be out of the assets of the company available for payment of general creditors.
Statement to be published by Banking und vertain ather Companies.
priority to claim under 15, s. 107.
the charge.
statement in
100.—(1) Every company being a limited baking com- Certain pany or an insurance company or a deposit, provident, or companies benefit society shall, before it commences business, and also to publish on the first Monday in February and the first Tuesday in schedule. August in every year during which it carries on business, 1. 6. 108. make a statement in the form marked C in the First Schedule to this Ordinance as near thereto as circumstances will admit.
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