NO CONFIDENTIAL.
RE
VED
54061/40
GOVERNMENT HOUSE,
HONG KONG.
4th July, 1940.
Bus-2-
Kinab
My Lord,
22 AUG 1940
C. O. Raak
I have the honour to address you regarding
the acquisition of immovable property in Hong Kong by
foreign corporations.
2.
Under section 320(1)(c) of the Companies
Ordinance, No.39 of 1932, foreign corporations may
acquire immovable property in this Colony by consent
Such consent has in the
of the Governor-in-Council.
past been given in general terms to certain loan and
mortgage companies incorporated in foreign countries,
subject to the condition that each mortgage must be
reported to the Government and that no foreclosure may
be resorted to without the special consent of the
Governor-in-Council.
Relying on such general consent
certain foreign corporations have gradually become the
owners of large blocks of immovable property in various
parts of the urban area.
3.
When a recent case came before the Executive
Council for the signification of its formal consent
as above the desire was expressed for a general
consideration of the whole question. In particular
THE RIGHT HONOURABLE
LORD LLOYD OF DOLOBRAN,
&C., &C., &C.
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