CO129-174 - Sir Kennedy - 1876 [4-8] — Page 154

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Company's

Business.

Place of Busi- 11ess.

Losses when payable,

Losses how payable,

III-Business.

25. THE BUSINESS of the Company shall comprise the Insurance of Ships and Vessels of all kinds, Respondentia, Goods, Treasure, Bullion and Merchandise, in and on board of Ships and Vessels (whether Steam or Sailing Vessels, Boats or Lighters, Hulks or Receiving or other Stationary Vessels) in Ports or Docks, in or on Canals or Hivers, at Sea or going to Sea, whether belonging to Mom- bors of the Company or to Strangers, and the pursuit of the business of Marine Insurers or Underwriters in all its Branches, as well the acceptance of the risks hereinbefore mentioned, as of all other risks and liabilities usually un- dertaken by persons carrying on the business of Marine Insurance. The Re-insurance of Risks when deemed necessary and the doing of all such other matters and things as are incidental or conducivo to the attainment of the above objcots, or any of them, or which from time to time may appear to be expedient for attaining those objects or any of them, or for the further advancement and benefit of the Company in any of the several branches of business respectively specified in the Memorandum of Association of the Company as being within the trade or business to be carried on by the Company.

26.-THE HEAD OFFICE of the Company shall be at its Registered Office in Victoria, Hongkong, and the business of the Company shall be carried on there, and at such other place or places, port or ports as the Board may deem advisable.

27. The Losses of the Company on Policies or Risks shall be payable one month after proper proof of the loss in each case shall have been given to the Company or its Agents at places where the losses may respectively be payable.

28.-THE LOSSES of the Company upon Policies or Risks payable elsewhere than at Hongkong shall be paid by the Agents at the respective places where the losses may be payable, who shall put themselves in Funds for

that purpose either by drafts upon the Company or in such other manner as the Board may arrange.

29.- THE Losses of the Company shall be paid first Losses payable out of the premia in the hands of the Company and outofwhit fund after these shall have been exhausted then out of the Reserve Fond of the Company, (bereinafter mentioned) and when this shall be exhausted then out of the Paid-up Capital of the Company, and lastly, in case of this being insufficient, by a Call upon the Shareholders on account of the unpaid amount of their Shares such to be made under the provisions contained in these presents with reference thereto, unless the Company shall in Meeting as hereinafter provided for, direct a call to be made upon the Shareholders before trenching upon the Paid-up Capital or Reserve Fund.

30.-THE PROrres of the Company shall be ascertained Profits. annually and divided in the manner hereinafter prescribed.

-

And Increase

thereof.

IV. Capital and Increase of Capital, 31-THE CAPITAL of the Company shall consist of As to Capital One Million of Dollars and shall be divided into Two Hundred Shares of Five Thousand Dollars each to be paid at the times and in the manner hereinafter provided. The Company may from time to time, by a special Reso lution increase the Capital by the issue of new Shares, such increase to be of such amount and to be divided into such respective Shares, as such Meeting directs, or if no direction be given as the Board considers expedient.

New Shares to

by Board,

32.-SUBJECT to any Direction to the contrary that may be given by the Meeting that sanctions the increase be disposed of of Capital, all new Shares shall be disposed of by the Board in such manner as it shall think most beneficial to the Company.

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