5
(c) Any contract, which if made between private persons would by law be valid although made by parol only and not reduced into writing, may be made by parol on behalf of the Bank by any person acting under its authority, express or implied, and may in the same manner be varied or discharged.
(2) All contracts made according to this section shall be effectual in law, and shall bind the Bank and its successors and all other parties thereto, their heirs, executors, administrators or assigns or successors, as the case may be.
14. A bill of exchange or promissory note shall be Bills of deemed to have been made, accepted, or indorsed on exchange and behalf of the Bank if made, accepted, or indorsed in the promissory name of or by or on behalf or on account of the Bank by any person acting under its authority.
notes.
directors
15. The Bank shall not discount, or in any manner Limit of advance money upon, bills of exchange, promissory notes, accommoda- or other negotiable paper, in or upon which the name of tion to any director or officer of the Bank appears as drawer or and officers. acceptor, either on his individual or separate account, or jointly with any partner, or otherwise than as a director or officer of the Bank tɔ an amount exceeding one-tenth of the amount of the sum for the time being under discount or advanced by the Bank, nor shall any director be allowed to obtain credit on his own personal guarantee.
16. The total amount of the debts and liabilities of the Limit of Bank of what nature or kind soever shall not at any time debts and exceed the aggregate amount of the then existing bona liabilities. fide assets and property of the Bank and the sum for which its shareholders are liable under the provisions herein contained.
17.—(1) Subject as hereinafter mentioned, the Bank may Power to be wound up by the Supreme Court, and all the provisions wind up and of the Companies Ordinance with respect to the winding-up application of companies registered thereunder shall apply to the Bank of the
Companies as if expressly re-enacted in this Ordinance, save and Ordinance except in such respects as the same may be altered or thereto. modified as hereafter mentioned or provided for.
(2) The circumstances under which the Bank may be wound up are as follows:-
(a) in the event of the Bank being dissolved, or ceasing to carry on business, or carrying on business only for the purpose of winding-up its affairs; or
(b) whenever the Bank is unable to pay its debts;
or
(c) whenever the Court is of opinion that it is just and equitable that the Bank should be wound up.
18. The following enactments are hereby repealed :-
(1) The Hongkong and Shanghai Bank Ordinance,
1866 except section 3.
Repeal of Nos. 2 of 1866 Ordinances
except
(2) The Hongkong and Shanghai Bank Amendment section 3
Ordinance, 1924.
and 2 of 1924,
19. Nothing in this Ordinance shall affect or be Saving of deemed to affect the rights of His Majesty the King, his rights of the heirs and successors, or the rights of any body politic or
Crown and certain other corporate or of any other person except such as are men- tioned in this Ordinance and those claiming by from or under them.
Passed the Legislative Council of Hong Kong, this 16th day of May, 1929.
E. I. WYNNE-JONES,
Deputy Clerk of Councils.
rights.
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