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"enacted by the Governor of Hong Kong with the advice of the Legislative Council thereof, for the Incorporation of the Hong Kong and Shanghai Banking Company"
The above Company has already been established more than a year, and has met with very great success this year, but till now it has never been legally Incorporated.
3. The provisions of the enclosed Ordinance are, I believe, strictly within the limits prescribed by the Colonial Regulations (Cap. 1x - Sec. 3) and the Treasury Instructions.
4. On a former occasion, 12th May, I declined to proceed with the Ordinance as I considered some of its provisions to be in excess of the powers of this Legislature, and an infringement of the Treasury Instructions.
5. The Ordinance was accordingly remodelled; but owing to the peculiar state of the Bankruptcy and Insolvency Laws here, I was reluctant to proceed with the measure unless it contained adequate and specific provisions for winding up the affairs of the Company in the event of Insolvency. This has now been done by section 28. I also felt it right on behalf of the Public to secure, especially for the holders of the Company's notes payable to bearer, some additional...