Power to other parties to
convey lands in Mortmain to Company.
Notice of
purchase and
resale of lands
to be given.
ORDINANCE No. 5 of 1866.
Hongkong and Shanghae Bank.
XVIII. All and every Person and Persons, and bodies, politic and corporate who are or shall be otherwise competent, shall be and are hereby authorized and empowered to grant, sell, alien and convey in mortmain unto, and to the use of, the Company and their successors, any such Houses, Offices, Lands, and other Hereditaments whatsoever as aforesaid accordingly.
XIX. It shall not be lawful for the Company to make any purchase of Messuages, Lands or Hereditaments in the Colony or elsewhere, beyond the annual value of Thirty Thousand Dollars at the time of acquiring the same, or of such further annual value as shall be sanctioned by the Governor; and when and as any such purchase shall be made by the Company, the Directors of the Company shall, in all cases, within Three Calendar Months from the making and completing of any such purchase report the same in writing to the Governor, stating the amount of the purchase Money paid for the same and giving a description of the Lands and Hereditaments so purchased, and such other particulars relating thereto as may from time to time be required by the Governor; and in case any Hereditaments so purchased be re-sold by the Company, they shall within Fourteen Days after every such sale, give notice in writing to the Colonial Secretary of the Colony of such re-sale, and of the price obtained for the same.
Prohibition against
purchase of other Lands and against
trading, but
accept Land
and personal
security for
XX. Except for the purposes aforesaid it shall not be lawful for the Company to invest, lay out, employ, advance or embark any part of their Capital or Funds in the purchase of any lands, Houses, or other real property, nor in any trading or mercantile speculation or business whatsoever (not usually considered as falling within the power to the ordinary and legitimate purposes and operations of a Banking Establishment), but it shall nevertheless be lawful for the Company to take and accept any Lands, Houses, or other real or personal property in satisfaction, liquidation or payment of any debt absolutely and bona fide previously due and owing to the Company, and also to take any mortgage or other lien or charge on real or personal property as a security for any Monies actually and bona fide previously due to the Company, or for which any Person or Persons may have rendered himself or themselves liable to the Company, and to hold such Lands, Houses, and other real and personal property respectively, for such reasonable time as shall be necessary for selling and disposing of and converting the same into Money.
Power to Company to sell
and convert Land or property taken as
XXI. It shall be lawful for the Company to sell, dispose of, and convert into Money, any Goods, Wares, or Merchandize, which shall or may be taken by them in satisfaction, liquidation or payment of any debt: And also to sell and convey any Lands, Houses, or other real property whatsoever, Goods, Wares, or Merchandize, which they shall or may have acquired in manner aforesaid.
Power to increase Capital
XXII. It shall be lawful for the Company from time to time to extend or increase their Capital for the time being by the creation and sale of new Shares, in the manner to be specified and set forth in the Deed of Settlement, to be prepared and executed as hereinbefore directed, so as the same be made with the consent of a General Meeting of the Shareholders of the Company to be specially called for that purpose, and with the consent previously obtained of the Governor and under such Conditions and provisions as he shall think fit, such consent being evidenced as hereinbefore provided for with respect to other requirements of a like nature, and so as the total amount of the Capital of the Company shall not exceed the Sum of Ten Millions of Dollars; and until it shall be certified by the Governor in like manner as aforesaid that one-half of such new Capital has been so paid up, the Company shall not be entitled, by advertisement or otherwise, to state or hold out to the Public that the amount of the Capital has been increased.
XXIII. The remainder of the instalments on the Shares constituting such increased Capital shall be wholly paid up within Two Years from the date of the Certificate, to be granted as aforesaid, of one-half thereof having been paid up, and the same shall be made to appear to the satisfaction of the Governor, to be certified as aforesaid.
XXIV. The Directors of the Company shall, if, and whenever, they shall be required so to do, by the Governor, produce and submit to him, or to such persons or officers as he may appoint for that purpose, for his or their inspection and examination, the several accounts and statements which by the said Deed shall be directed to be made and furnished.
XXV. If the Company shall become insolvent, every Proprietor for the time being of Shares in the Capital thereof shall, in addition to his liability for the amount of the issue of Notes under the Provisions of the Twelfth Clause of this Ordinance, be liable to contribute to the payment of the debts, engagements, and liabilities of the Company not only such parts of the Shares held by him or her respectively, in the Capital of the Company, as shall not have been theretofore called for and paid up, but also such further Sums of Money not exceeding the amount of the Shares so held by him or her, as shall be requisite and necessary to satisfy and discharge the debts, engagements, and liabilities of the Company.
XXVI. In the said Deeds so to be executed as aforesaid, and in every transfer of any Share or Shares in the Company, due provision shall accordingly be made for the payment by the Shareholders of such amounts as aforesaid.
XXVII. In the event of the insolvency of the Company, or of Suspension in the Payments of the Company, for the space of Sixty Days in succession, or for any number of Days, at intervals which shall amount altogether to Sixty Days within any one Year, or if the Company shall not have well and truly maintained, abided by, performed and observed, all and every the rules, orders, provisions, and directions herein contained and set forth, or to be contained and set forth in the said Deed, so to be executed as aforesaid; Then, and in any of such cases, it shall and may be lawful for the Governor with the Advice of the Legislative Council of the Colony by an Ordinance to be passed for that purpose to
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