514
a
>
concerned.
4th. In the event of the failure of the Bank the note holders would be paid at once, out of the Assets of the Corporation Clause 12 of the Hongkong and Shanghai Bank Ordinance reads:
"The Shareholders of the Company shall be subject to unlimited liability in respect of all, or any, of such issues or issue of Bills or notes, and in case the general Assets of the Company are, in the event of the Company being wound up, insufficient to satisfy the claims of the note holders, and the general creditors, then the Shareholders of the Company, after satisfying the remaining demands of the note holders, shall be liable to contribute towards payment of the general creditors, a sum equal to the amount received by the note holders out of the general Assets of the Company."
The above shows that the note holders are to be satisfied at once, and afterwards the general Creditors.