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No. 9 of 1925.
TELEPHONE.
Registration of the company.
4. The company shall be and remain registered under the Companies Ordinance, 1932, and its memorandum and articles of association shall be approved by the Governor in Council and neither its memorandum nor any of its articles of association shall, at any time, be amended or added to in any way, except with the previous consent in writing of the Governor in Council.
No. 39 of 1932.
Number and residence of directors.
5. The directors of the company shall be not less than four and not more than eight in number, and all the directors shall be bonâ fide resident in Hong Kong.
Authorized capital of company; restriction on borrowing.
6.-(1) The capital of the company shall be $5,000,000 divided into 500,000 shares of $10 each, and the company shall not, except with the previous consent of the Legislative Council, make any further issue of shares or otherwise save as in this Ordinance provided in any manner whatever increase the moneys employed in the company's undertaking beyond the sum of $5,000,000.
(2) The company shall not issue any debentures or borrow on mortgage except with the consent of the Legislative Council.
Payment to Government.
7. The company shall pay to the Accountant-General, as a royalty for the concession, on the 1st day of July in every year during the aforesaid period of fifty years, commencing on the 1st day of July, 1926, the sum of $4 in respect of each direct exchange line telephone which has been used and paid for during the whole previous twelve months by a subscriber. In cases where direct exchange line telephones have been used and paid for by subscribers for periods of less than twelve months prior to the 1st day of July in each year, the amount of royalty to be paid by the company shall be $1 for each direct exchange line telephone for each period of three months or less during which such telephone has been used and paid for by a subscriber.
Power to execute works.
8. Subject to the consent in writing of the Director and subject also to the restrictions and provisions hereinafter contained and to such further conditions as the Director may in any particular case impose or prescribe, the company may execute works as follows-
+ As amended by Law Rev. Ord., 1939, Supp. Sched.