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cognate with the powers conferred in its existing Memorandum of Association, particularly when it is remembered that the paid-up capital of the Company, which was originally $1,250,000, now amounts to $2,500,000, whilst there is in addition a reserve fund of $1,250,000, making in all no less a sum than $3,750,000.
His Excellency will also see that the Committee were of opinion that inasmuch as a considerable interval might elapse before a general law was passed, it would not be right in the meantime to place an absolute barrier in the way of obtaining an alteration in the Memorandum of Association of a Company, the foregoing recommendations should afford the guide as to the method in which bills for that purpose should be dealt with by Parliament, subject to the conditions therein mentioned and with regard to these conditions the Directors would observe as follows:
Condition (1) The proposed Ordinance complies in all respects with this condition because it is not to take effect until it is approved of by special resolution of the Company, and because the Standing Orders of the Legislative Council of Hong Kong have been complied with. Condition (2) is not applicable to our proposed Ordinance as there are no holders of debentures or venture stock. Condition (3) This condition provides that if the Committee on the Bill are of opinion that notice ought to be given to any persons or class of persons whose interests will be directly affected by the proposed alteration, the Committee may direct notice of the Bill to be given to such persons or class of persons, and may allow such persons or class of persons to be heard in
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