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Bills of exchange and promissory notes.
25 & 26 Vict. c. 89 s. 47.
Prohibition against carrying on business with less than seven members.. Ib. s. 48.
Execution of Ib. s. 55.
No. 1.] THE ORDINANCES OF HONGKONG: [A.D. 1865.
98. A bill of exchange or promissory note shall be deemed to have been accepted, made, or indorsed on behalf of any company under this Ordinance if accepted, made, or indorsed in the name of the company by any person acting under the authority of the company, or if accepted, made, or indorsed by, or on behalf, or on account of the company by any person acting under the authority of the company.
99. If any company under this Ordinance carries on business when the number of its members is less than seven for a period of six months after the number has been so reduced, every person who is a member of the company during the time that it so carries on business after such period of six months, and is cognizant of the fact that it is so carrying on business with fewer than seven members, shall be severally liable for the payment of the whole debts of the company contracted during such time, and may be sued for the same, without the joinder in the action or suit of any other member.
100. Any company under this Ordinance may, by instrument in writing under its common seal, empower any person, either generally or in respect of any specified matters, as its attorney, to execute deeds on its behalf in any place not situate in this Colony; and every deed signed by such attorney, on behalf of the company and under his seal, shall be binding on the company and have the same effect as if it were under the common seal of the company.
Disclosure of contracts by prospectus. c. 181 s. 35. Prospectus.
101. Every prospectus of a company, and every notice inviting persons to subscribe for shares in any joint stock company, shall specify the dates and the names of the parties to any contract entered into by the company, or the promoters, directors, or trustees thereof, before the issue of such prospectus or notice, whether subject to adoption by the directors or the company or otherwise; and any prospectus or notice not specifying the same shall be deemed fraudulent on the part of the promoters, directors, and officers of the company knowingly issuing the same, as regards any person taking shares in the company on the faith of such prospectus, unless he has had notice of such contract.
Keeping of register of mortgages affecting Register of Mortgages, etc.
102.-(1.) Every limited company under this Ordinance shall keep a register of all mortgages and charges specifically affecting property of the company, and shall enter in such register in respect of each mortgage or charge a short description of the property mortgaged or charged, the 25 & 26 Vict. amount of charge created, and the names of the mortgagees or persons entitled to such charge.
(2.) If any property of the company is mortgaged or charged without...