NOT
70
TO ALL TO WHOM IT MAY CONCERN.
OTICE is hereby given that the UNION INSURANCE SOCIETY OF CANTON LIMITED intends at an early date to apply to the Legislative Council of Hongkong for a Bill for power to convert its silver capital into gold.
A copy of the proposed Bill is hereunder published.
Dated the 14th day of February, 1919.
DEACON, LOOKER, DEACON & HARSTON,
Solicitors for
THE UNION INSURANCE SOCIETY OF CANTON LIMITED.
A BILL
INTITULED
An Ordinance to authorise the Union Insurance Society of Canton Limited to convert its silver capital into gold.
Be it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:-
1. This Ordinance may be cited as "The Union Short title. Insurance Society of Canton Limited (Capital Conver- sion) Ordinance, 1919 ".
2. In this Ordinance "The Company" means the Interpreta- Union Insurance Society of Canton Limited.
tion.
3. The Company may at any time by special resolu- Power to tion convert into gold its silver capital as existing at the convert silver date of the confirmation of such special resolution and capital into such conversion shall take effect upon such special reso-
gold. lution being confirmed. Any such conversion may be into such form of gold currency and at such rate of exchange and upon such terms and conditions as may be sanctioned by the special resolution effecting the conversion.
tion.
4. Upon the filing of any such special resolution as Issue of fresh is referred to in section 3 of this Ordinance the Registrar certificate of of Companies shall issue a fresh certificate of incorpora-
incorpora- tion of the Company shewing the capital of the Com- pany as effected by such conversion. Such fresh certificate shall take the place of the original certificate of incorporation of the Company and shall be the certi- ficate of incorporation of the Company.
Crown and of
5. Nothing in this Ordinance shall affect or be Saving of the deemed to affect the rights of His Majesty the King His rights of the Heirs and Successors or the rights of any body politic or certain other corporate or of any other person except such as are rights. mentioned in this Ordinance and those claiming by, from and under them.
Objects and Reasons.
The object of this Bill is to enable the Union In- surance Society of Canton Limited to convert its capital from silver into gold by a special resolution to that effect to be passed by the shareholders. The directors consider this desirable because the great bulk of the Company's business is carried out in countries where a gold currency prevails.
The fact that the Company does not carry on any life insurance business seems to make it unnecessary to pro- vide for any special notice to policy holders.
14th February, 1919.