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THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 17, 1915.
Any shares so forfeited shall be deemed to be the property of the company, and the. directors may sell, reallot, or otherwise dispose of the same in such manner as they think fit. Certificates or other documents of title relating to shares forfeited under this article shall be returned to the Company.
(3.) Within one month of the expiration of the time allowed for the completion of the payment of all sums due upon the shares, the secretary of the company shall forward to the Registrar of Companies at Shanghai a return signed by the auditor of the Company giving particulars of the shares issued, of the amounts paid thereon, of the shares in respect of which default has been made in payment of sums due, and of the shares forfeited.
(4.) If shares are issued by a China Company on terms which fail to comply with the provisions of this article, or if other default is made in complying therewith, the Company, and every director, manager, secretary, and other officer, who is knowingly a party to such issue or default, shall be guilty of an offence, and shall be liable to a fine not exceed- ing $500 for every day during which such offence continues.
(5.) Where on application made it is established to the satisfaction of the Court that there has been a failure to comply with the provisions of this article through inadvertence or accidental miscalculation or from some other reasonable cause, and not from any want of good faith, the Court may, if under all the circumstances it considers it just so to do, give relief from any forfeiture or penalty which has been incurred by the applicant, or to which he is, or may be, liable upon such terms as it may think fit.
(6.) The provisions of this article shall only apply to shares issued by a China Company after the date when this Order comes into effect.
14.-(1.) No China Company limited by guarantee shall be allowed to operate in China without the consent of the Minister.
(2.) As a condition of this consent the Minister may require that no person other than a British subject shall be a member of the company, or that any member of the company who is not a British subject shall deposit in Court or give security for or con- form to such arrangement as the Minister shall think fit, for ensuring the payment of the amount for which he would be liable under the guarantee.
(3.) If any China Company limited by guarantee operates in China without the con- sent of the Minister, or if any terms imposed by him as a condition of his consent are not complied with, the company and every director, or manager, secretary, and other officer, who is knowingly a party thereto, shall be guilty of an offence, and shall be liable to a fine not exceeding $500 for every day during which such offence continues.
(4.) Where on application made it is established to the satisfaction of the Court that there has been a failure to comply with the provisions of this article through inadver- tence or accidental miscalculation or from some other reasonable cause, and not from any want of good faith, the Court may, if under all the circumstances it considers it just so to do, give relief from any forfeiture or penalty which has been incurred by the appli- cant, or to which he is, or may be, liable upon such terms as it may think fit.
(5.) The provisions of this article shall not apply to China Companies limited by guarantee operating in China at the date of this Order.
15.--(1.) Subject to the provisions of this Order the jurisdiction of the Court in respect of all British Companies carrying on business in China shall be exercised, so far as circumstances admit, in conformity with the provisions of the Ordinance and of the Life Insurance Companies Ordinance, except that section 16 of the Companies Amend- ment Ordinance, 1913, shall not apply in China.
(2.) Where reference is made or inferred in any section of the said Ordinances to any other Ordinance of the Colony of Hongkong which does not apply within the limits of this Order, such section shall be read as though the corresponding law or enactment applicable in England were referred to therein.
(3.) The duties of the Governor, or of the Governor-in-Council, or of the Colonial Treasurer under sections 20, 21, 120 (4), 219, 253, and 255 of the Ordinance shall within the limits of this Order be exercised by the Minister, and under sections 141 (1), 149, 185, 217, and 261 shall within the limits of this Order be exercised by the Judge.
(4.) In the application of the said Ordinances "legal practitioner" is substituted for "Counsel OT solicitor" or solicitor and counsel," and such newspaper as the Judge may direct" is substituted for “the Gazette”.