2.
59
We would add that under Portuguese law and Article
40 of the Sociedade de Abastecimento de Aguas de Macau
Limitada's Deed of Charter, a minimum of 5% of the net profits of the Company must be put to reserve until such reserve fund amounts to one-fifth of the issued Capital of the Sociedade de Abastecimento de Aguas de Macau
Limitada.
We have the honour to be,
Sir,
Your obedient Servants,
For The Hongkong & Shanghai Banking Corporation,
sd. V.M. Grayburn.
CHIEF MANAGER.