And further that until such time as the said 200,000 shares shall be fully paid up they shall vis-a-vis the said 400,000 shares only rank for dividend in proportion to the ratio borne by the amount paid up thereon in respect of the nominal value thereof to the full nominal value ($5) thereof.
And that such offer be made by notice specifying the number of shares to which the member is entitled and limiting a time within which the offer if not accepted by the member on behalf of himself or his nominee will be deemed to be declined and that the General Managers be at liberty to fix such time and (in the case of share- holders whose place of address is not in Hong Kong) to extend it to such date or dates as they may think fit. And further that any of the said 200,000 shares which shall not be taken up by the Company's shareholders in manner aforesaid be disposed of in such manner at such time or times and upon such terms as the Company's General Managers shall in their absolute discretion think fit.
(3) That no shareholder shall be entitled to any offer of a fraction of an additional share in respect of any odd share held by such shareholder.
(Sd.) ROBT. SHEWAN,
Chairman.