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THE HONGKONG GOVERNMENT GAZETTE, 28th JULY, 1866.
The Appropriation Bill being in accordance with the foregoing Votes, His Excellency the GOVERNOR puts the Question--That this Bill do pass, and that the Title be--"An Ordinance enacted by the Governor of Hongkong, with the Advice of the Legislative Council thereof, to authorize the Appropriation of a Supplementary Sum not exceeding Two hundred and Sixty-five thousand Dollars to defray the charges of the Year 1865.”
Question put and carried, the Ordinance being numbered “No. 4 of 1866,”
His Excellency the GOVERNOR then invites the consideration of the Council to a Despatch (No. 40) of the 8th Ultimo, from the Right Honorable the SECRETARY OF STATE FOR THE COLONIES, referring for decision of the Council a Letter from Bishop SMITH, enquiring whether his Pension would be forfeited permanently by acceptance of Church Preferment.
The subject is discussed, and on reference to the conditions of the Pension agreed to at the Meeting of the Council held on the 13th of September 1864, it is unanimously Resolved-- That it is not the desire of this Council that the Bishop's Pension should be forfeited, but that it should simply remain in abeyance pro tanto so long as he holds any Preferment elsewhere, and that the meaning of the word Preferment be left to the Interpretation of the SECRETARY OF STATE when necessary.
His Excellency then adjourns the Council.
Read and confirmed, this 25th Day of July, 1866.
L. D'ALMADA E CASTRO,
Clerk of Councils.
RICHARD GRAVES MACDONNELL,
Governor.
GOVERNMENT NOTIFICATION.
The following Bills, which were read a first time at a Meeting of the Legislative Council held this day, are published for general information.
Short Title.
16.
By Order,
L. D'ALMADA E CASTRO,
Clerk of Councils.
Legislative Chamber, Hongkong, 25th July, 1866.
An Ordinance enacted by the Governor of Hongkong, with the Advice of the Legislative Council thereof, for the Incorporation of the Hongkong and Shanghae Banking Company.
Whereas the several persons hereinafter named and others have agreed to form a Joint Stock Company under the name or style of "The Hongkong and Shanghae Banking Corporation," for the purpose of carrying on the business of Banking and of conducting all business usually transacted by Bankers; And Whereas for the purpose of establishing and carrying on the said undertaking they have agreed that a Capital of Five Millions of Dollars divided into Forty Thousand Shares of One Hundred and Twenty Five Dollars each shall be raised in the first instance with power to increase such Capital to the extent and in manner hereinafter mentioned: And Whereas for the better accomplishing and carrying into effect the objects and purposes of the said Company they have applied to His Excellency the Governor of Hongkong to grant to them and all other the Subscribers of such Capital an Ordinance of Incorporation, which His said Excellency the Governor has consented and agreed to do, under and subject to the conditions, restrictions, and provisions hereinafter contained: Be it therefore enacted by His said Excellency the Governor of Hongkong, with the Advice of the Legislative Council thereof, as follows:----
I. This Ordinance may be cited for all purposes as "The Hongkong and Shanghae Bank Ordinance."
II. In the interpretation of this Ordinance, the expression "The Governor" shall mean His Excellency the Governor of the Colony of Hongkong, or the Officer for the time being administering the Government of the said Colony; and the expression "The Company" shall mean "The Hongkong and Shanghae Banking Corporation;" and the expression "The Colony" shall mean the Colony of Hongkong and its Dependencies.
III. The Honorable John Dent, the Honorable Thomas Sutherland, Albert Farley Heard, Esquire, George Francis Maclean, Esquire, Douglas Lapraik, Esquire, Woldemar Nissen, Esquire, Arthur Sassoon, Esquire, George John Helland, Esquire, Palanjce Franjee, Esquire, Henry William Wood, Esquire and Caleb Tangier Smith, Esquire together with such and so many other persons and bodies politic and corporate as now are, or shall hereafter become, proprietors of any share or shares of or in the capital, for the time being, of the Company hereby established, shall be one body politic and corporate, in name and in deed, by the name of "The Hongkong and Shanghae Banking Corporation," and by that name shall and may sue and be sued, in all Courts, whether of law or of equity, and shall have perpetual succession with a Common Seal, which may be by them varied and changed at their pleasure.
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IV. The said Company is and shall be established for the purpose of carrying on, under the management of a Court of Directors the business of Banking for the term of Twenty-one Years, commencing from the day of the date of this Ordinance, in the Colony: Provided always that nothing herein contained shall restrict the said Company, with the consent of the Commissioners for the time being for executing the Office of Lord High Treasurer in England, from establishing any Banks or Branch Banks at London or at any Port, Town, City or Place in India, Penang and Singapore, or in the Dominions of the Emperor of China, or of the Tycoon of Japan, in or at which any British Consulate or Vice-Consulate is or may be hereafter established, and also without such consent as aforesaid from establishing at London or any such Port, Town, City or Place as aforesaid, Agencies for Exchange, Deposit and Remittance.
V. The Capital of the Company shall consist of Five Millions of Dollars divided into Forty Thousand Shares of One Hundred and Twenty-five Dollars each, and such further Capital not exceeding Two Millions Five Hundred Thousand Dollars, as the Directors for the time being shall deem necessary for the purposes of the said undertaking: And for the creation of which they shall have previously obtained the consent of the Governor, such consent being signified in writing under the hand of the Governor; but such further Capital shall be divided into Shares of One Hundred and Twenty-five Dollars each and be paid up in full as hereinafter mentioned. And until such further Capital be raised as aforesaid, the aforesaid Sum of Five Millions of Dollars shall be taken to be the fixed Capital of the Company-And whenever and so often as any further Capital shall have been raised then a Notification or Proclamation to that effect under the hand of the Governor shall be published in the Hongkong Government Gazette, and the said Sum of Five Millions of Dollars together with such further Capital, shall thenceforth be taken to be the fixed Capital of the Company, but with power, nevertheless, to further increase such Capital as hereinafter mentioned.
VI. It shall not be lawful for the Company to commence or carry on the said business of Banking, until it shall be made to appear to the satisfaction of the Governor that the whole of the aforesaid Capital of Five Millions of Dollars has been subscribed for by Deed, under hand and seal; and that one-half (at the least) of such Sum of Five Millions of Dollars has been actually paid up, such satisfaction to be evidenced by a Notification or Proclamation under the hand of the Governor, to be published in the said Hongkong Government Gazette.
VII. Unless it shall be made to appear to the satisfaction of the Governor (to be evidenced as aforesaid), that the whole of the said Capital of Five Millions of Dollars has been subscribed, under hand and seal, before the expiration of a period of Two Years, to commence and be computed from the date of this Ordinance, and unless the whole of the said Capital of Five Millions of Dollars shall be actually paid up within the period of Three Years to be reckoned from the date of the Notification or Proclamation to be published as aforesaid of the payment of one half of the said Capital of Five Millions of Dollars (but so that such payment in full be not in any case delayed beyond the period of Four Years, to be reckoned from the date of this Ordinance), it shall be lawful for the Governor with the Advice of the Legislative Council of the Colony, at any time thereafter, by an Ordinance to be passed for that purpose to repeal this Ordinance and declare that the Incorporation hereby granted to the Company shall cease and determine and become absolutely void.
VIII. Until, as hereinbefore provided for, the Governor shall so publish in the Hongkong Government Gazette a Notification or Proclamation under his hand, that one half of such further Capital has been paid up, the Company shall not be entitled, by advertisement or otherwise, to hold out to the Public that the amount of its Capital has been increased.
IX. The remainder of the instalments on the shares constituting such further Capital shall be wholly paid up within Two Years, to be reckoned from the date of such Notification or Proclamation (so to be published as aforesaid) of the payment of