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portion thereof shall be paid or transferred, dire y or indirectly, by way of dividend, bonus, or otherwise howsoever by way of profit, to the members of the company. Provided that nothing herein shall prevent the payment in good faith of remuneration to any officer or servant of the company or to any member of the company in return for any services actually rendered to the company, nor prevent the payment of interest on money lent, or reasonable and proper rent for premises demised or let by any member to the company; but so that no member of the Board of Directors of the company shall be appointed to any salaried office of the company or any office of the company paid by fees and that no remuneration or other benefit in money or money's worth shall be given by the company to any member of such Board of Directors except the repayment of out of pocket expenses and interest on money lent or reasonable and proper rent for premises demised or let to the company.
7. If upon the winding up or dissolution of the company there remains after satisfaction of all its debts and liabilities any property whatsoever the same shall not be paid to or distributed among the members of the company but shall be given or transferred to some other institution or institutions having objects similar to the objects of the company, and which shall prohibit the distribution of its or their income and property among its or their members to an extent at least as great as is imposed on the company under or by virtue of Clause 6 hereof, such institution or institutions to be determined by the members of the company at or before the time of dissolution, and in default thereof by a Judge of the Supreme Court having jurisdiction in regard to charitable funds and if and so far as effect cannot be given to the aforesaid provision, then to some charitable object.
8. No addition alteration or amendment shall be made to or in the previsions of clause 3 hereof or to or in the regulations contained in the Articles of Association for the time being in force unless the same shall have been previously submitted to and approved by the Registrar of Companies, Hong Kong.
WE, the several persons whose names and addresses are subscribed, are desirous of being formed into a company, in pursuance of this Memorandum of Associa- tions.
Names, Addresses and Descriptions of Subscribers.
Sd. J. H. Ruttonjee, Merchant
Dina House, Victoria.
Sd. S. N. Chan,
Medical Practitioner I.L. 3547, Hatton Road.
Sd. R. R. Todd,
Colonial Secretary
Sd. E. A. Boyce,
Director of Public
Works
Sd. J. R. Jones,
Barrister-at-Law
Sd. A. S. Adamson, Banker
Sd. J. Finnie,
Shipbuilder
12, Queen's Gardens,
Victoria.
534, The Peak.
Hongkong & Shanghai Banking Corporation, Hongkong.
Hongkong & Shanghai Banking Corporation, Hongkong.
21 Repulse Bay Road
Dated the Eleventh day of April 1950.
WITNESS to the above signatures:
(Name) Sd. M. M. Watson, Solicitor,
Hong Kong.
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