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responsibility were given in paragraph 25 of the Objects and Reasons appended to the Summary Offences Amend- ment Bill, 1918, and it was thought at that time that the section might be justified by the consideration that the contractor could in most cases by taking proper precau- tions prevent the commission of such offences. It has, however, been pointed out that the section imposes liability on the contractor for the acts of persons other than his servants, and that it imposes liability upon him for the wilful and not only for the negligent acts of other persons in certain cases. Even apart from these objections it is now considered that the general policy of the section is not justified and it is therefore proposed that the section should be repealed.
20th February, 1919.
J. H. KEMP,
Attorney General.
Short title.
Interpreta- tion.
Power to
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 Insurance Society of Canton Limited (Capital Conver- sion) Ordinance, 1919 ".
2. In this Ordinance "The Company means the Union Insurance Society of Canton Limited.
3., The Company may at any time by special resolu- convert silver tion convert into gold its silver capital as capital into
existing at the date of the confirmation of such special resolution and gold.
such conversion shall take effect upon such special reso- 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.
Issue of fresh 4. Upon the filing of any such special resolution as certificate of is referred to in section 3 of this Ordinance the Registrar incorpora-
of Companies shall issue a fresh certificate of 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.
Saving of the rights of the
Crown and of certain other rights.
5. Nothing in this Ordinance shall affect or be deemed to affect the rights of His Majesty the King His Heirs and Successors or the rights of any body politic or corporate or of any other person except such as are 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.