60
assets in priority to creditors outside
the local jurisdiction the dividends are
equated to those of English creditors out
of English assets. This principle of
the distribution of assets pari passu is
a prominent feature in the scheme of United
Kingdom company legislation, and you will
no doubt appreciate the desirability of
maintaining this principle as its abandonment
in a British Colony would make it more
difficult for His Majesty's Government to
arrange with foreign countries for equality
of distribution. I assume, however, that
the proposed section is primarily intended
position
to apply to the purchase of Chinese banks
to Sestion women he less objectionaber if 16
in Hong Kong, and in this case
effects were
case effects
сабеле
confined to the liquidation of banks, provided
A'
that a satisfactory definition of banks or
banking is included in the Ordinance.
shall accordingly be glad if you will
consider an amendment of the section to
limit its effect to banking business
›
H
including companies, which, in your opinion
and
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(*2643-150) Wt. 16318-94 15,000 7/38 T.S. 695
C. O.