65
Hong Kong which would outweigh the objection to the
proposal felt at the time in this country.
With regard to the proposed amendment of Section 275,
I am to say that so far as liquidations in this country are
concerned, dominion and foreign creditors are treated on
a footing of absolute equality with English creditors and,
even in cases in which local creditors are entitled to
local assets in priority to creditors outside the local
jurisdiction, their dividends are equated to those of the
English creditors out of English assets. The Board strongly
deprecate any amendment of a local Act which would give
priority to local creditors.
The Board have no observations to offer on the
proposed new sections dealing with Banking Companies.
I have the honour to be,
Sir,
Your obedient Servant,