Enclosione to. 3 in Governor Sir Arthur Kenned & 32
147 of 4 July 1873.
Despatch No
А
89.21
COD.
15 of 25
7868.
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An Ordinance enacted by the Governor of Hongkong, with the Advice of the Legislative Council thereof, to amend "The Hongkong and Shanghai Bank Ordinance."
[
7
1873.]
WHEREAS it is expedient to amend "The Hongkong and
Shanghai Bank Ordinance": Be it enacted by the Gov- ernor of Hongkong, with the Advice of the Legislative Council thereof, as follows:→→
Title.
Preamble.
I. In the Interpretation of this Ordinance, the Expression tnterpretation Principal Ordinance" shall mean "The Hongkong and Shanghai Clause. Bank Ordinance," (No. 5 of 1866.)
new Proviso
II. The Proviso contained in Section IV of the Principal Proviso of Ordinance is hereby repealed, and the said Section shall be read Section IV as if the Proviso next hereinafter contained, had been inserted repeated and therein in lieu of the Proviso hereby repealed, that is to say substituted. "Provided always that nothing herein contained shall be deemed New Proviso. "to restrict the said Company with the Consent in writing of the "Commissioners for the Time being for executing the Office of Lord High Treasurer (such Consent being signified in writing under "the Hands of the said Commissioners or any two of them) from "establishing any Branch Banks or any Agencies for Exchange,
Deposit and Remittance at any Place out of the Colony."
-III. Section XVI of the Principal Ordinance shall be construed Declaratory a- to restrict the Company from making Advances exceeding one- to Section third of the total Advances and Discounts of the Company for XVI. the Time being, to the Directors collectively, and shall not be deemed to authorize Advances to that Extent to each individual Director.
IV. The Company shall not under any Circumstances whatever Advances on hold Shares in its own Capital or make Advances on the Security Shares.
2766of such Shares.
of Sister V. All Notes issued by the Company in the Colony shall be Issue of Bank
art: 14 dated and made payable in Hongkong and in the Event of the Notes.
Co. 87724
f S. art
Company issuing Notes at any Place beyond the Limits of the Colony, the said Notes shall be made payable at the Head Office of the Company in Hongkong as well as at the Place where the sane may be issued, and such Payment shall be made by giving the Holder of any such Note, such an Amount of Hongkong Currency as shall be the fair and real Equivalent of the Sums or Value represented by the Note at the Exchange or relative Value thereof on the Day of Presentation.
. 2d 1. Dividends shall in no Case be declared or paid out of the Dividends.
ment Subscribed Capital of the Company but only out of Profits.
VII. This Ordinance and the Principal Ordinance shall be read The Principal & together and construed as one Ordinance.
4.34.
Amendment
Ordinances to
be read
together.
(7.0)
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