67
༢་།་ཀ
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four téer
Czarno „beveri
med hoverty
shares or any of them are property which is liable to the payment of probate duty in Hongkong, under the provisions of Ordinances B0.16 of 1886 and No.13 of 1894, or not?
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"it is obvious, that the answer to this question depends upon the answer to be made to another question namely Whether the shares in quastion were lawfully and property transferred and borne on the local itegistors in London and at thenghai? 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 Crdinances or of its med of Settlement to establish local iągisters of hareholders in London and at Shanghai, and to provide for the transfer and helding of shares on those ilegártere se valid and effectual in
themselves without reference to the logister of Shareholders in Hongkong. It is clear that a judicial determination of this question must be a matter of fiderable importance to the Corporation, and therefore i was careful to inquire at the
hearing as to the position of the Corporation in respect of them· proceedings. I was informed that, as attorney for the defendant, the Corporation was fully cognicunt of the proceeding.
"It is admitted in the special case that the Ordinances of the Corporation and its veed of Settlacent contain no expresn authority onabling the Corporation to establish the local
magiatara, de must therefore examine the Griinancoe and Seed
of Settlement to see whether any gener‹ or implied authority ta
that effect is conferred by then or either of them. The
Ordinances do not contain any provisions for regulating the
menagemant of the affairs of the Corporation; all such matters
are expressly left to be dealt with by the imed of Settlement. The keeping of Registero of hareholders is clearly one of much
matters; it remains therefore to consider that, are the
provisions of the lead of Settlement relating to this mubject.
"By the provise to Section 4 of the Ordinance of
incorporation as repealed and re-enacted in somewhat wider terme by ordinance No.29 of 1889 - power is given to the Corporation,
with