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(ANI)
:
final decision of the Privy Council on the matter.
We trust that litigation will not be necessary
and that the Government will give such an indemnity, as the Corporation is perfectly ready to assist the Government but
is compelled to protect itself against the risk of being
sued twice in respect of these shares.
We would point out that the shares claimed by the Custodian mumber 1305 of the sterling value of approximately £130,500. As you are aware, an extraordinary meeting of
the Corporation was held on the 28th May 1921 at which
resolutions were passed enabling the Corporation to increase
its Capital and giving existing shareholders the right to
take up one new share in such new issue in respect of every
three old shares held by them on the terms set out in such
Resolutions, Four hundred and thirty five new shares could
therefore have been taken up in respect of the above 1305
old shares but as they were not accepted within the time limited by the Directors they were disposed of by the
Directors in pursuance of the discretion vested in them by
virtue of the resolutions governing the issue,
disposal,
The sum of Taels 44071.66 was realised on such
There are a further 210 old shares which are
believed to be registered in the names of former enemies,
and the 70 new shares which could have been taken up in respect of these shares have also been disposed of, at the price of Taal: 7093,74,
The registered shareholders, and such Custodian
as may succeed to their rights, have of course lost all rights in respect of such new issue and the suma mentioned above. The Corporation however will without prejudice to its rights be prepared to hand over to the Hongkong Custodian these sums along with the shares, on the Government giving the Indemnity indicated above.
If
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