THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 17, 1915. 619
5. In all matters relating to a Hongkong China Company the jurisdiction of the Supreme Court and of the Supreme Court of Hongkong shall be concurrent, and the said two Courts shall in all respects be auxiliary to each other.
6. Where any proceedings relating to a Hongkong China Company, or for the wind- ing up of any such Company, are commenced in the Supreme Court, and it appears that the principal part of such company's business is carried on within the limits of Hong- kong or that for any other reason such proceedings might more conveniently be carried on at Hongkong, the Supreme Court may, of its own motion, or on the application of any party, make an order transferring the proceedings to the Supreme Court of Hongkong.
7. The Supreme Court shall enforce within the limits of this Order any order or decree made by the Supreme Court of Hongkong in the course of any proceedings relat- ing to a Hongkong China Company, or for the winding up of any such company.
8.(1.) The majority of the directors of a China Company shall be British subjects resident within the limits of this Order.
(2.) If at any time the proportion of directors who are British subjects resident within the limits of this Order falls to or below one-half, it shall be the duty of the directors and also of the shareholders of the company to take within thirty days, or such further period as the Court may allow, all necessary steps for the appointment of such number of directors who are British subjects resident within the limits of this Order as may be necessary to comply with the provisions of this article.
(3.) If default is made in compliance with this article the company shall be liable to a fine not exceeding fifty dollars for every day during which the default continues, and every director and every manager of the company who knowingly authorizes or permits the default shall be liable to the like penalty.
(4.) Failure to comply with the provisions of this article shall be a ground upon which an order for winding up the company may be made by the Court.
9. No person other than a British subject shall be entitled to act as the auditor of a China Company. The appointment of any such person as the auditor of a China Com- pany shall be void, and any certificate or other document given, or act done, by any per- son who is not a British subject purporting to act as auditor of a China Company shall not be held to comply with any requirements of the Ordinance.
10. No person other than a British subject shall be appointed to act within the limits of the Order as liquidator of a British Company or as receiver or manager on behalf of the debenture-holders of the property of a British Company except with the sanction of the Court.
11.-(1.) All documents and other written information which a company is required. by the Ordinance to file with the Registrar of Companies shall in the case of a China Company be filed with the Registrar of Companies at Shanghai, and a copy of all such documents and other written information shall, in the case of a Hongkong China Com- pany, be filed with the Registrar of Companies at Shanghai.
(2.) If any company to which this article applies fails to comply with its provisions, the company and every officer and agent of the company who is knowingly a party to the default shall be liable to a fine not exceeding fifty dollars for every day during which such default has continued.
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12. The registered office of a China Company shall be situated within the limits of this Order.
13.-(1.) No shares shall be issued by a China Company except either as fully paid up shares or upon the term that the shares shall be paid up in full within a specified period not exceeding three months after allotment.
(2.) Shares issued by a China Company otherwise than as fully paid up shares shall be deemed to be issued upon the condition that if not paid for in full before the expira- tion of one week from the date upon which the final payment was due, they shall be forfeited by the directors, and it shall be the duty of the directors at the expiration of that period to, forfeit the said shares. Notice of the forfeiture of any such shares shall forthwith be given to the registered holder.