ORDINANCE No. 1 of 1877 . 1443
Companies.
No. 1 of 1877.
An Ordinance to amend " The Companies Ordinance, 1865 ," Title.
and to repeal Ordinance No. 4 of 1876.
[ 21st June , 1877. ]
HEREAS it is expedient to extend to all companies limited by Preamble.
W [See Ordi
shares and registered in the Colony the power of sub-dividing nances No. 1
of 1865, Nos.2
their shares , and to amend " The Companies Ordinance, 1865 ; " Be it & 3 of1866,
No. 14 of
enacted by the Governor of Hongkong, with the advice of the Legislative 1881 , No. 3 of
1883, No. 30
Council thereof, as follows : of 1886. ]
1. Ordinance No. 4 of 1876 is hereby repealed . Ordinance
No. 4 of 1876
repealed.
2. This Ordinance may be cited as " The Companies Ordinance, Short title.
1877."
3. "The Companies Ordinance, 1865," is hereinafter referred to as Ordinance to
be construed
" The Principal Ordinance ;" and the principal Ordinance and this as one with
No. 1 of 1865.
Ordinance are hereinafter distinguished as and may be cited as "The [30 & 31 Vic .
č. 131 s. 2.]
Companies Ordinances , 1865 and 1877 ;" and this Ordinance shall, so far
as is consistent with the tenor thereof, be construed as one with the
principal Ordinance ; and the expression " This Ordinance " in the principal
Ordinance, and any expression referring to the principal Ordinance, which
occurs in any Ordinance, or other document, shall be construed to mean
the principal Ordinance as amended by this Ordinance.
Unlimited liability of directors.
4. Where after the commencement of this Ordinance a company Company
may have
is formed as a limited company under the principal Ordinance, the directors with
unlimited
liability of the directors or managers of such company, or the managing liability.
director, may, if so provided by the memorandum of association, be [sec. 4. ]
unlimited.
5. The following modifications shall be made in the thirty- seventh Liability of
director , past
section of the principal Ordinance , with respect to the contributions to be and present ,
where
required in the event of the winding- up of a limited company under the liability is
unlimited.
principal Ordinance, from any director or manager whose liability is , in [sec. 5. ]
pursuance of this Ordinance, unlimited:
(1. ) Subject to the provisions hereinafter contained , any such
director or manager, whether past or present, shall , in