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223

a Company the directore of which were under the control of

farsign shareholders. This object has been sscured by the above

emendments which eliminate all possibility, direct or indirect,

of control of the directors in their management of the ship by

the foreign sharsheldere.

when the Company's Articles have been altered ae

above proposed it is desired to obtain the Herbour Master'a sanction

to the ship trading up and down the seast pending the sotual

trensfer of her Register. This ebject having been obtained it is

then proposed to approach the Australien Authorities with a view

ke getting their consent to the transfer to this Company amit is

thought that such oensent will be obtained. it is submitted that

the Harbour Master, the amendments having been made, may properly

give the permission to herds before referred to as the Company

would zu langer bë fortiga centrolled in ery sense.

The abject of this- the Restriction Amendment Act

was net to prevent a ship being owned by e British Company with

foreign shareholders but by a British Company with foreign shert -

heldere in a position te oentrel by their voting powere the

manegemout of the ship by the Directors or with foreigners

indirectly interested who were able te certrch the directare by

means of influencing the voting by s mejority of the shareholders.

The ship is owned by the Company and net by the shareholders of the

Company. Once the amendments are passed the central of the ship

osruət again be given to the shareholders by a re-alteration of

the Articles without rerdering the ship liable to cenfiscation.

It will be noticed that the amendments ere designed,

in addition to eliminating the central of the directers by the

sherahelders, to emphasize that the meregement of the Company's

affaire le vested in the directors and net in the Oempany.

The Company has its principal and only place of

business in Hongkong.

The proposed amendments to the Articles which we

have furnished you with may be regarded as the particular9

alluded to in påregraph 3 of the Amendment Act,

C

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