K.
442this brings the full extent to which the shares could be divided under Ordinance 1 of 1877. (See Daily Press of the morning); whilst the Farson Insurance Office Limited, when organised under the Limited Liability Ordinance at the beginning of the present year, made the paid-up amount of the shares $50 and the number 10,000. See Daily Press of Nov 29th and December 6th 1887. The Carter Company can also further reduce their shares to a paid-up amount of $12.50 only by availing themselves of the provisions of Ordinance 1 of 1877.
The Directors therefore beg that His Excellency the Administrator may be pleased to amend the present Ordinance 1 of 1887 by striking out from Section XX the words: "that the amount to which each share is reduced shall in no case be less than one-fourth part of the amount of the original share." They desire to point out that those words are not in the English Act; that they were introduced to satisfy the late Chief Justice and that their retention places Companies...