252
Continuation of existing actions and suits by and against company.
Effect of registration.
No. 1.] THE ORDINANCES OF HONGKONG: [A.D. 1866.
17. All such actions, suits, and other legal proceedings as may, at the time of the registration of any company registered in pursuance of this Ordinance, have been commenced by or against such company, or the public officer or any member thereof, may be continued in the same manner as if such registration had not taken place: Provided, nevertheless, that execution shall not issue against the effects of any individual member of such company on any judgment, decree, or order obtained in any action, suit, or proceeding so commenced as aforesaid; but in the event of the property and effects of the company being insufficient to satisfy such judgment, decree, or order, an order may be obtained for winding up the company.
18.---(1.) When a company is registered in pursuance of this Ordinance, all provisions contained in any Ordinance, letters patent, deed of settlement, contract of copartnery, or other instrument constituting or regulating the company, including, in the case of a company registered as a company limited by guarantee, the resolution declaring the amount of the guarantee, shall be deemed to be conditions and regulations of the company, in the same manner and with the same incidents as if they were contained in a registered memorandum of association and articles of association; and all the provisions of the Companies Ordinance, 1865, shall apply to such company, and to the members, contributories, and creditors thereof, in the same manner in all respects as if it had been formed thereunder, subject to the following provisions; that is to say,--
(a.) Table A in the First Schedule to the Companies Ordinance, 1865, shall not, unless adopted by special resolution, apply to any company registered in pursuance of this Ordinance;
(b.) the provisions of the Companies Ordinance, 1865, relating to the numbering of shares shall not apply to any joint-stock company whose shares are not numbered;
(c.) no company shall have power to alter any provision contained in any Ordinance relating to the company:
(d.) no company shall have power, without the sanction of the Governor, to alter any provision contained in any letters patent relating to the company;
(e.) in the event of the company being wound up, every person shall be a contributory, in respect of the debts and liabilities of the company contracted prior to registration, who is liable, at law or in equity, to pay or contribute to the payment of any debt or liability of the company contracted prior to registration; or to pay or contribute to the payment of any sum for the adjustment of the rights of the members amongst themselves in respect of any such debt or liability; or to pay or contribute to...