THE HONGKONG GOVERNMENT GAZETTE, 18TH AUGUST, 1806.
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of Payment, no fresh
XV. If at any time there shall be a Suspension of Payment of any of the Notes or In event of Suspension Bills of the Company, it shall not be lawful for the said Company from and after issue to take place. the commencement, and during the continuance, of such Suspension of Payment, to make any fresh issue of Notes or Bills.
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tion to Directors.
XVI. The Company shall not Discount, or in any manner Advance Money upon Limit of accommoda Bills of Exchange, Promissory Notes, or other Negotiable paper, in or upon which the name of any Director, or Officer, of the Company, shall appear as Drawer, or Acceptor, either on his individual or separate account, or jointly with any partner or or otherwise than as a Director or Officer of the Company, to an amount partners, exceeding one third of the amount of the Sum for the time being under discount, or advanced by the Company, nor shall any Director be allowed to obtain Credit on his own personal guarantee.
pany to hold Lands
XVII. It shall be lawful for the Company notwithstanding the statutes of Mort- Power to the Com- main or any other statutes or laws to the contrary, to purchase, hold, take, and enjoy and Buildings subject to them and their successors, such Houses, Offices, Buildings, Lands and Hereditaments, to certain restrictions. as shall or may be thought necessary or proper for the purpose of managing, conducting, and carrying on the affairs, concerns, and business of the Company, but not for the purpose of speculation, or any other purpose than as aforesaid, and so as no such Houses, Offices, Buildings or Land shall be more than the Yearly value of Thirty Thousand Dollars at the time of acquiring the same, or of such further Yearly value as shall be sanctioned by the Governor and to sell, convey, and dispose of the said property or any portion or part thereof, when not wanted for the purposes of the said business.
to convey lands in
XVIII. All and every person and persons, and bodies, politic and corporate who are Power to other parties or shall be otherwise competent, shall be and are hereby authorized and empowered Mortinain to Com- to grant, sell alien and convey in Mortmain unto, and to the use of, the Com-pany. pany and their successors, any such Houses, Offices, Lands, and other Hereditaments whatsoever as aforesaid accordingly.
re-sale of lands of Company to be given.
XIX. It shall not be lawful for the Company to make any purchase of Messuages, Notice of purchase and Lands or Hereditaments in the Colony or elsewhere, beyond the annual value of Thirty Thousand Dollars at the time of acquiring the same, or of such further annual value as shall be sanctioned by the Governor and when and as any such purchase shall be made by the Company, the Directors of the Company shall, in all cases, within Three Calendar Months from the making and completing of any such purchase report the same in writing to the Governor, stating the amount of the purchase Money paid for the same and giving a description of the Lands and Hereditaments so purchased, and such other particulars relating thereto as may from time to time be required by the Governor; and in case any Here-litaments so purchased be re-sold by the Company, they shall within Fourteen Days after every such sale, give notice in writing to the Colonial Secretary of the Colony of such re-sale, and of the price obtained for the same.
purchase of other
and personal property
XX. Except for the purposes aforesaid it shall not be lawful for the Com- Prohibition against pany to invest, lay out, employ, advance, or embark any part of their Capital or Lands and against Funds in the purchase of any Lands, Houses, or other real property, nor in any trading trading, but with or mercantile speculation or business whatsoever (not usually considered as falling within power to accept Land the ordinary and legitimate purposes and operations of a Banking Establishment), but as security for Monies it shall nevertheless be lawful for the Company to take and accept any Lands, Houses, or other real or personal property in satisfaction, liquidation or payment of any debt absolutely and bonâ fide previously due and owing to the Company, and also to take any mortgage or other lien or charge on real or personal property as a security for any Monies actually and bona fide previously due to the Company, or for which any person or persons may have rendered himself or themselves liable to the Company, and to hold such Lands, Houses, and other real and personal property respectively, for such reasonable time as shall be necessary for selling and disposing of and converting the same into Money.
or property taken as
XXI. It shall be lawful for the Company to sell, dispose of, and convert into Power to Company to Money, any Goods, Wares, or Merchandize, which shall or may be taken by them sell and convert land in satisfaction, liquidation or payment of any debt: And also to sell and convey any security. Lands, Houses, and other real property whatsoever, Goods, Wares, or Merchandize, which they shall or may have acquired in manner aforesaid.
Capital further under certain conditions.
XXII. It shall be lawful for the Company from time to time to extend or increase rower to increase their Capital for the time being by the creation and sale of new Shares, in the manner to be specified and set forth in the Deed of Settlement, to be prepared and executed as hercinbefore directed, so as the same be made with the consent of a General Meeting of