644
THE HONGKONG GOVERNMENT GAZETTE, MAY 17, 1907.
Short title
Hongkong and Shanghai Banking Corporation Ordinance 1887, it was enacted that the Company should continue incorporated and should carry on the business of banking under the provisions and conditions contained in the Prin- cipal Ordinance for the further term of 21 years commencing from the 14th day of August, 1887; And Whereas it is ex- pedient to authorise the Company to continue incorporated under the provisions of the Principal Ordinance for an additional and further term of 21 years commencing from the expiry of the said further term of 21 years; And Where- as by section 13 of the Principal Ordinance it was enacted that the total amount of bills and notes of the Company payable to bearer on demand, actually in circulation, should not at any time exceed the amount of the capital of the Company actually paid up, and there should be kept by each establishment of the Company an amount of coin and bullion equal to one-third at least of such of the said bills and notes as were issued from such establishment and were for the time being in circulation; And Whereas by section 3 of the Hongkong and Shanghai Banking Corporation Ordin- ance, 1899, it was enacted that, not withstanding the restric- rion imposed by section 13 of the Principal Ordinance upon the total number of the bills and notes of the Company payable to bearer on demand actually in circulation, bills and notes of the Company payable to bearer on demand inight, for the period of one year from the 31st day of July 1898, be issued and be in actual circulation to an amount in excess of the capital of the Company actually paid up, if there had been specially deposited and was kept in the custody of the Colonial Secretary and the Colonial Treasurer for the time being an amount of coin, or bullion, or coin and bullion equal to the whole value of such excess issue for the time being actually in circulation, to be held by the said Colonial Secretary and Colonial Treasurer exclusively for the redemption of such bills and notes wherever the same might have been issued; And Whereas by section 2 of the Hongkong and Shanghai Banking Corporation, (Excess Note Issue), Ordinance 1900, it was enacted that all the provisions of section 3 of the Hongkong and Shanghai Banking Corporation Ordinance 1899, were thereby con- tinned for the following further period, namely from the 31st day of July 1899, until and including the 13th day of August 1998; Provided nevertheless that nothing therein contained should exempt the Hongkong and Shanghai Banking Corporation from the operation of any existing or future laws restricting or regulating the issue of bills or notes in the Colony or in any place outside the Colony where the Hongkong and Shanghai Banking Corporation had or might thereafter establish banks or branch banks; And Whereas it is expedient that the powers and provisions conferred by section 3 of the Hongkong and Shanghai Banking Corporation Ordinance 1899, be further continued from the 14th day of August 1908, until and including the 13th day of August 1929:
Be it therefore 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 Hongkong and and coust uc- Shanghai Banking Corporation Ordinance 1997, (and shall be read together with and he construed as one Ordinance with the Principal Ordinance).
tion
Power to fur-
2. It shall be lawful for the Company, notwithstanding ther increase anything contained in section 22 of the Principal Ordinance, capital under or in the Deed of Settlement therein mentioned, from time certain con-
litions. to time to extend or increase its capital for the time being by the creation and sale of new shares, so as the same is made with the consent of a General ( Extraordinary) Meet- ing of the shareholders of the Company to be specially called for that purpose, and with the consent previously obtained of the Governor, and under such conditions and provisions as he may think fit, such consent being evidenced by a notification or proclamation to that effect under the hand of the Governor and published in the Gazette, and so as the total amount of the capital of the Company shall not exceed the sum of Twenty Millions of Dollars; Provided that whenever and so often as any further capital is raised then a notification or proclamation to that effect, under the hand of the Governor, shall be published in the Gazette, and the present capital of Ten Millions of Dollars, together with such further capital shall thenceforth be taken to be the fixed capital of the Company, but with power neverthe-