ate
Company may be wound up.
Incorporation
to cease after 21 Years un-
less extended
by Ordinance.
ORDINANCE No. 5 of 1866.
Hongkong and Shanghae Bank.
repeal this Ordinance and declare that the Incorporation hereby granted to the Company shall cease and determine and become absolutely void.
XXVIII. Subject as hereinafter mentioned the Company may be wound up by the Supreme Court of Hongkong in its Equitable Jurisdiction and all the provisions of "The Companies Ordinance, 1865" with respect to the Winding up of Companies registered thereunder shall apply to this Company as if expressly re-enacted in this Ordinance save and except in such respects as the same may be altered or modified as hereinafter mentioned or provided for:
1. The circumstances under which the Company may be wound up are as follows; that is to say:
A. In the event of the Company being dissolved, or ceasing to carry on business, or carrying on business only for the purpose of winding up its affairs.
B. Whenever the Company is unable to pay its debts.
C. Whenever the Court is of opinion that it is just and equitable that the Company should be wound up.
2. The Company shall be deemed unable to pay its debts:
A. Whenever a Creditor to whom the Company is indebted at Law or in Equity, by assignment or otherwise, in a Sum exceeding Three Hundred Dollars then due, has served upon the Company, by leaving the same at the principal place of business of the Company, or by delivering to the Manager or some Director or principal officer of the Company, or by otherwise serving the same in such manner as the Court may approve or direct, a demand under his hand requiring the Company to pay the sum so due, and the Company has for the space of Three Weeks succeeding the service of such demand neglected to pay such Sum or to secure or compound for the same to the satisfaction of the Creditor.
B. Whenever execution or other process issued on a judgment, decree, or order obtained in any Court in favor of any Creditor, at Law or in Equity, in any proceeding instituted by such Creditor against the Company, is returned unsatisfied in whole or in part.
C. Whenever it is proved to the satisfaction of the Court that the Company is unable to pay its debts.
XXIX. On the determination of the Term of Twenty-one Years from the date of this Ordinance the powers and privileges hereinbefore conferred on the Company shall cease, unless the Governor with the Advice of the Legislative Council of the Colony declare to the contrary and by an Ordinance to that effect authorize the Company to continue incorporated under the aforesaid provisions for a further term of Ten Years, or for such period and under such provisions and conditions as may be contained in the said Ordinance.
ORDINANCE No. 5 of 1866.
Hongkong and Shanghae Bank.
XXX. The Incorporation of the Company by this Ordinance shall not affect or prejudice the Liability of the Company to have Contracts enforced against it, or its Members, or its right to enforce, any existing or debt or obligation incurred or any contract entered into, by, to, with, or on behalf of the Company previously to such Incorporation, but the Company may sue and be sued in respect of all or any such Debt or Debts, Obligation or Obligations, Contract or Contracts, by or under its Corporate name and in precisely the same manner as if the Debt, Obligation, or Contract had been incurred, made, or entered into after the Incorporation of the Company by this Ordinance,
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