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shares or any of them are property which is liable to the payment of probate duty in Hongkong, under the provisions of Ordinances No.16 of 1886 and No.13 of 1894, or not?
"It is obvious, that the answer to this question
depends upon the answer to be made to another question namely -
Whether the shares in question were lawfully and property transferred and borne on the local Registers in London and at Shanghai? The answer to this question is in its turn dependent on the answer to the question whether the Corporation is empowered by the terms of its Ordinances or of its Deed of Settlement to establish local Registers of Shareholders in London and at Shanghai, and to provide for the transfer and holding of shares on those Registers as valid and effectual in themselves without reference to the Register of Shareholders in Hongkong. It is clear that a judicial determination of this question must be a matter of siderable importance to the Corporation, and therefore I was careful to inquire at the hearing as to the position of the Corporation in respect of thes proceedings. I was informed that, as attorney for the defendant, the Corporation was fully cognisant of the proceedings.
"It is admitted in the special case that the Ordinances of the Corporation and its Deed of Settlement contain no express authority enabling the Corporation to establish the local Registers. We must therefore examine the Ordinances and Deed of Settlement to see whether any general or implied authority to
The that effect is conferred by them or either of them. Ordinances do not contain any provisions for regulating the management of the affairs of the Corporation; all such matters are expressly left to be dealt with by the Deed of Settlement. The keeping of Registers of Shareholders is clearly one of such matters; it remains therefore to consider that are the provisions of the Deed of Settlement relating to this subject.
"By the proviso to Section 4 of the Ordinance of Incorporation as repealed and re-enacted in somewhat wider terms by Ordinance No.29 of 1889 power is given to the Corporation,
with
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