PROTEST
7636
76
Against the Bill promoted by the "China Traders' Insurance Company, Limited."
143
passed.
Issued) John Brampton
Attorney Burret -
April 26. 1876
Hue Cofer.
Martin Sain
Colonial Secretary
We, the undersigned Unofficial Members of the Legislative Council of Hongkong, protest against the passing of the Bill promoted by the above-named Company to enable it to subdivide its Shares, for the reasons following:--
1.-Because by passing such a measure, the Council would now annul the principle which it but recently affirmed by throwing out a Bill having the like objects, and promoted by the same Company.
2.-Because no necessity exists for passing such a Bill; the Companies' Ordinance, 1865, affording ample facilities for attaining the desired objects, without any mischievous consequence; either by the voluntary winding up and reconstruction of the Company, which might be carried on simultaneously, or by increasing its Capital by the issue of additional Shares as hereinafter mentioned. Either of these courses would afford full protection to the Creditors of the Company, and give publicity to the matter for the benefit of the Shareholders, including those absent from the Colony.
3.-Because the preamble of the Bill has not been proved; but on the contrary, the evidence taken shows that all the Shares of the Company had been subscribed for many years ago, and that they are now saleable and at a premium, and no evidence has been tendered to show that the Shares are not marketable, which, were such the case, could be proved by the Share-Brokers of the Colony.
4.-Because, in view of the fact of the promoting Company being limited by Shares, it is necessary for the interest of the public that those Shares should be held by persons of ample means, who, in case of disaster, would be able to meet the amount unpaid on them, which, in the event of their subdivision, would not be the case, the evidence of Mr. H. H. Nelson, the Chairman of the promoting Company, proving that the intention of the Company is to enable the Shareholders to dispose of the reduced Shares to persons of small means, who cannot afford to purchase the present Shares.
5.-Because Shares of $5,000 with limited liability, such as those of the promoting Company, are not too large; it being desirable that the liability of each Shareholder in a Marine Insurance Company, (which is always liable to heavy losses), should be considerable.
6.-Because the Bill ignores the interests of the Creditors of the promoting Company, comprising those who have effected Insurances with the Company, without whose consent it would be contrary to Equity to make the proposed change in its status.
PROTEST
7636
76
Against the Bill promoted by the "Chinu Traders' Insurance Company, Limited.”
143
passed.
Eisued) John Brampton
Retorney Burrat -
April 26. 1876
Hue Cofer.
Martin Sain
Comal secretary
We, the undersigned Unofficial Members of the Legislative Council of Hongkong, protest against the passing of the Bill promoted by the above named Company to enable it to subdivide its Shares, for the reasons following:--
1.-Because by passing such a measure, the Council would now annul the principle which it but recently affirmed by throwing out a Bill having the like objects, and promoted by the same Company.
2.--Because no necessity exists for passing such a Bill; the Companies' Ordinance, 1865, affording ample facilities for attaining the desired objects, without any mischievous consequence; either by the voluntary winding up and reconstruction of the Company, which might be carried on simultaneously, or by increasing its Capital by the issue of additional Shares as hereinafter mentioned. Either of these courses would afford full protection to the Creditors of the Company, and give publicity to the matter for the benefit of the Shareholders, including those absent from the Colony.
3.-Because the preamble of the Bill has not been proved; but on the contrary, the evidence taken shews that all the Shares of the Company had been subscribed for many years ago, and that they are now saleable and at a premium, and no evidence has been tendered to shew that the Shares are not marketable, which, were such the case, could be proved by the Share-Brokers of the Colony.
4.-Because, in view of the fact of the promoting Company being limited by Shares, it is necessary for the interest of the public that those Shares should be held by persons of ample means, who, in case of disaster, would be able to meet the amount unpaid on them, which, in the event of their subdivision, would not be the case, the evidence of Mr. H. H. Nelson, the Chairman of the promoting Company, proving that the intention of the Com- pany is to enable the Shareholders to dispose of the reduced Shares to persons of small means, who cannot afford to purchase the present Shares.
5.-Because Shares of 85,000 with limited liability, such as those of the promoting Company, are not too large; it being desirable that the liability of cach Shareholder in a Marine Insurance Company, (which is always liable to heavy losses), should be considerable.
6.-Because the Bill ignores the interests of the Creditors of the promoting Company, comprising those who have effected Insurances with the Company, without whose consent it would be contrary to Equity to make the proposed change in its status.
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