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Provisions to be included in deed and transfers,
Provisions for repeal of this Ordinance on certain events.
ORDINANCE No. 5 of 1866.
Hongkong and Shanghae Bank.
26. In the said deeds so to be executed as aforesaid, and in every transfer of any share or shares in the company, due provision shall accordingly be made for the payment by the shareholders of such amounts as aforesaid.
27. In the event of the insolvency of the company, or of any suspension in the payments of the company, for the space of sixty days in succession, or for any number of days, at intervals which shall amount altogether to sixty days within any one year, or if the company shall not have well and truly maintained, abided by, performed and observed, all and every the rules, orders, provisions, and directions herein contained and set forth, or to be contained and set forth in the said deed, so to be executed as aforesaid; then, and in any of such cases, it shall and may be lawful for the Governor with the advice of the Legislative Council of the Colony by an Ordinance to be passed for that purpose to repeal this Ordinance and declare that the incorporation hereby granted to the company shall cease and determine and become absolutely void.
Company may be wound up.
28. Subject as hereinafter mentioned the company may be wound up by the Supreme Court of Hongkong in its Equitable jurisdiction and all the provisions of "The Companies Ordinance 1865" with respect to the winding up of companies registered thereunder shall apply to this company as if expressly re-enacted in this Ordinance save and except in such respects as the same may be altered or modified as hereinafter mentioned or provided for:
1. The circumstances under which the company may be wound up are as follows; that is to say :-
A. In the event of the company being dissolved, or ceasing to carry on business, or carrying on business only for the purpose of winding up its affairs.
B. Whenever the company is unable to pay its debts.
C. Whenever the Court is of opinion that it is just and equitable that the company should be wound up.
2. The company shall be deemed unable to pay its debts :
A. Whenever a creditor to whom the company is indebted, at Law or in Equity, by assignment or otherwise,
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