...
384
not entitled to be first paid out of the Afacts but have only a right to be paid out of the assets pari pursue with the other creditors; and
still less have, they a right to be paid priority to general creditors) out of any cash in the possession of the Bank, even though that have been retained at the principal
cash
may
2-27
establishment for the purpose of satisfying the
obligations imposed by Sec 15 of the Ordinance.
in
3. As regards the difference point of operation between the clause quoted and see 6. of
45 Viet e
428
except
76, I think there is none perhaps the following : under the quoted section
it
-may possibly be contended that calls made
on shareholders after the
are
-general assets
exhausted.
ought
to be
applied towards
44..
payment of notes and towards recouping the
C
4.
general creditore what had been taken away from
the
• general afects by payments to the not holders pari passu; under 42 and 43 Viel @_ 76,0 6, it is clear that those calls must be applied
first.
· payment of the note holders; and that
no
part of them can be distributed
am
the
1. ong
general creditors until the note holders have ben
paid in
full.
As to the question of special appropriation;
if the Governor,
as a
Condition of sanctioning
the isous of notes of other amounts than those in clause 12 of the ordinance, were Specified
to stipulate that a fund should be specially
way
appropriated to meet the notes in the suggested, and if the fact of this appropriation ware communicated to the note holders (either by being Hated on the face of the notes
or
general...