CAP. 70]
Hongkong and Shanghai Bank.
[s. 11 cont.] against the issue to the bank of certificates of indebtedness as provided in such Ordinance an amount equal to the face value of such excess issue for the time being actually in circulation to be held by such Exchange Fund exclusively for the redemption of such notes.
Liability of shareholders.
Form of contracts.
12. (1) In the event of the bank being dissolved the shareholders shall be liable in respect of its notes in the same manner as if the bank had been formed with unlimited liability on the part of its shareholders, but they shall be entitled to have the security for the issue of such notes which is referred to in section 11 applied in the first instance in payment of the liability on such notes.
(2) Every shareholder shall in addition to his liability in respect of its notes under subsection (1) be liable to contribute to the payment of the debts, engagements and liabilities of the bank not only any moneys unpaid on the issue price of his shares but also a further sum of money not exceeding in amount the nominal value of every share held by him.
13. (1) Contracts on behalf of the bank may be made as follows-
(a) any contract, which if made between private persons would be by law required to be in writing under seal, may be made on behalf of the bank in writing under seal and may in the same manner be varied or discharged;
(b) any contract, which if made between private persons would be by law required to be in writing signed by the parties to be charged therewith, may be made on behalf of the bank in writing, signed by any person acting under its authority, express or implied, and may in the same manner be varied or discharged;
(c) any contract, which if made between private persons would by law be valid although made by parol only and not reduced into writing, may be made by parol on behalf of the bank by any person acting under its authority, express or implied, and may in the same manner be varied or discharged.
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