The Bill, signed by sirety shareholders representing four hundred shares, half the total capital of the Company.
A detailed Report of the discussion on the Bill in Council taken from the columns of the Daily "Press", a leading article from the "China Mail", and a return giving details respecting the status of each Marine Insurance Office and Landmark in China.
I have the honour to be, My Lord, Your Lordship's most obedient humble servant, Extennedy Inverner.
7630 76. 137 Governor & Commander in Chief.
No. 4 of 1876.
An Ordinance enacted by the Governor of Hongkong, with the advice of the Legislative Council thereof, to authorise "The China Traders' Insurance Company, Limited," to sub-divide its shares.
[22nd April, 1876.]
Title,
WHEREAS "The China Traders' Insurance Company, Limited" is a Public Company duly Incorporated and Limited by shares under the provisions of "The Companies Ordinance, 1865," and whereas the Memorandum of Association of the said Company provides that the Capital of the Company is one million of dollars divided into two hundred shares of five thousand dollars each, and whereas the whole of the said shares have been issued, and the sum of one thousand dollars has been paid up on each share, and a further call of five hundred dollars upon each share has been made, and whereas the said Company has found that shares of five thousand dollars each are too large to be readily marketable, and the Company is therefore desirous of sub-dividing the existing shares into shares of smaller amount, and whereas the said Company in order to effectuate its desire has applied to have the necessary powers therefor conferred upon it by means of this Ordinance: Be it therefore enacted by the Governor of Hongkong, with the advice of the Legislative Council thereof, as follows:-
I. In the interpretation of this Ordinance, the expression "The Company" shall mean "The China Traders' Insurance Company, Limited."
II. It shall be lawful for the Company, by special resolution, to modify the conditions contained in its Memorandum of Association so as by sub-division of its shares or any of them to divide its shares of Capital or any part thereof into shares of any amount not less than fifteen hundred dollars each; provided that in the sub-division of the existing shares, the proportion between the amount which is paid, and the amount which is unpaid on each share of reduced amount shall be the same as it was in the case of the existing share or shares, from which the share of reduced amount is derived.
III. The Statement of the number and amount of the shares into which the Capital of the Company is divided contained in every copy of the Memorandum of Association issued after the passing of any such special resolution, shall be in accordance with such resolution, and if the Company make default in complying with the provisions of this section, it shall incur a penalty not exceeding five dollars for each copy in respect of which such default is made, and every Director, Manager and Secretary of the Company who knowingly or wilfully authorises or permits such default shall incur the like penalty. All such penalties may be recovered before a Magistrate in a summary way.
IV. This Ordinance shall come into force on such day as shall be hereafter fixed by proclamation under the hand of the Governor.
Passed the Legislative Council of Hongkong, this 2nd day of April, 1876.
Clerk of Councils.
Memorandum
the Bill, signed by sirety Thareholders representing
praking of
four
hundred Thaves,
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me
W
half the
total capital of the Ceaus
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Commpany.
delaided Report of the discussion Endomet
of the Will in Commal taken from the columns of the Daily "Refs", a leading article from the
Return
"China Mail", and a
Marica Inerrance Offices
tuberos
of Landmar
in China
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details respecting the statu
giving
of each
each Company
I have the horror taber
Love My Lord).
Your Lordship's most ale diant
humble servant,
Extennedy
Inverner.
7630
76.
137
Governor & Commander in chief.
No. 4 or 1876.
Au Ordinance enacted by the Governor of Hongkong, with the advice of the Legislative Council thereof, to authorise "The China Traders' Insurance Com- pany, Limited," to sub-divide its shares.
[22nd April, 1876.]
WLimited" is a Public Company duly Incorporated and
Title,
HEREAS "The China Traders' Insurance Company, Preamble. Limited by shares under the provisions of the "The Companies Ordinance, 1865," and whereas the Memorandum of Association of the said Company provides that the Capital of the Company is one million of dollars divided into two hundred shares of five thousand dollars each, and whereas the whole of the said shares have been issued, and the sum of one thousand dollars bas been paid up on each share, and a further call of five hundred dollars upon each share has been made, and whereas the said Company bas found that shares of five thousand dollars ench are too farge to be readily marketable, and the Company is therefore desirous of sub-dividing the existing shares into shares of smaller amount, and whereas the said Company in order to effectuate its desire has applied to have the necessary powers therefor conferred upon it by means of this Ordinance: Be it therefore enacted by the Governor of Hongkong, with the advice of the Legislative Council thereof, as follows:-
I. In the interpretation of this Ordinance, the expression "The Interpretation. Company" shall mean "The China Traders' Insurance Company, Limited."
smaller
II. It shall be lawful for the Company, by special resolution, to Shares may be modify the conditions contained in its Memorandum of Association divided int so as by sub-division of its shares or any of them to divide its shares of Capital or any part thereof into shares of any amount not less amount. than fifteen hundred dollars each; provided that in the sub-division of the existing shares, the proportion between the amount which is paid, and the amount which is unpaid on each share of reduced amount shall be the same as it was in the case of the existing share or shares, from which the share of reduced amount is derived.
III. The Statement of the number and amount of the shares Special into which the Capital of the Company is divided contained resolution to in every copy of the Memorandum of Association issued after the be embodied in passing of any such special resolution, shall be in accordance with of Association. such resolution, and if the Company make default in com- plying with the provisions of this section, it shall incur a penalty not exceeding five dollars for each copy in respect of which such default is made, and every Director, Manager and Secretary of the Company who knowingly or wilfully authorises or permits such default shall incur the like penalty. All such penalties may be recovered before a Magistrate in a summary way.
IV. This Ordinance shall come into force on such day as shall be hereafter fixed by proclamation under the band of the Governor.
Passed the Legislative Council of Hongkong, this 2nd day of April, 1876.
Clerk of Councils.
Memorandum
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