352
E
all Notes issued by the Company shall be dated, issued and made payable at Hong Kong as the principal Establishment.
So far as they are informed and as the operations of the Bank appear at present to be confined to the Colony of Hong Kong, but on the establishment of Branch Banks in China, Japan, or elsewhere, under the provision of Clause 12 it will be necessary to require that all Notes issued from such Branches shall be payable at the principal Establishment as well as at the place whence they are issued. I am to assume that this requirement of Clause 6 have been complied with, and as the subscription of the Capital of $5,000,000 of Dollars, and the payment of half; and that the necessary notification has been published in the Hong Kong Government Gazette.
I am to add that as they and have recently agreed to a proposed rule by the Secretary of State for India in Council that in future Stock Companies will not be empowered under Charter granted at the recommendation of this Board, to establish Agencies or Branches in Territories under the Government of India, it will be necessary that Clause 4 in the Ordinance should be amended so as to read that the words "in those territories" would suggest