ORDINANCE No. 5 of 1866.
Hongkong and Shanghae Bank.
in a sum exceeding three hundred dollars then due, has served upon the company, by leaving the same at the principal place of business of the company, or by delivering to the manager or some director or principal officer of the company, or by otherwise serving the same in such manner as the Court may approve or direct, a demand under his hand requiring the company to pay the sum so due, and the company has for the space of three weeks succeeding the service of such demand, neglected to pay such sum or to secure or compound for the same to the satisfaction of the creditor.
B. Whenever execution or other process issued on a judgment, decree, or order obtained in any Court in favour of any creditor, at Law or in Equity, in any proceeding instituted by such creditor against the company, is returned unsatisfied in whole or in part.
C. Whenever it is proved to the satisfaction of the Court that the company is unable to pay its debts.
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tion to cease after 21 years unless extended by Ordinance.
See Ord. No. 15 of 1887.1
29. On the determination of the term of twenty-one years from the Incorporation date of this Ordinance the powers and privileges hereinbefore conferred on the company shall cease, unless the Governor with the advice of the Legislative Council of the Colony declare to the contrary and by an Ordinance to that effect authorize the company to continue incorporated under the aforesaid provisions for a further term of ten years, or for such period and under such provisions and conditions as may be contained in the said Ordinance.
Obligations and contracts incurred previously to incorporation.
30. The incorporation of the company by this Ordinance shall not affect or prejudice the liability of the company to have enforced against it, or its members, or its right to enforce, any debt or obligation incurred or any contract entered into, by, to, with, or on behalf of the company previously to such incorporation, but the company may sue and be sued in respect of all or any such debt or debts, obligation or obligations, contract or contracts, by or under its corporate name and in precisely the same manner as if the debt, obligation, or contract had been incurred, made, or entered into after the incorporation of the company by this Ordinance.