Who was afraid that Companies might subdivide their shares into infinitesimal parts, when the small shares might get into the hands of people & become instruments of gambling?
The Company then asked the Governor in Council for a special law to empower them to reduce their shares from £50 to £16 2/3. That is to subdivide each share into three of £33 - each. They have sought relief by a private Bill, but the Standing Orders have no provision for such measures. The Bill was introduced & carried, the Attorney General voting for it; but the Official Members - who are all Directors of a rival Insurance Company - entered a lengthy protest against this special legislation in favour of one Company only; and suggested that the Company might obtain the same by winding up & reconstituting themselves.
Lord Carnarvon accepted the protest & considered it a special case, not a general measure, such as had been previously brought forward. Sir John Smale opposed it on the same grounds as before in 1876. The Unofficial Members deemed that the question had already been thrown out on its merits and should not be brought in again.
The Chairman of the Insurance Company gives his reasons in a letter to the Governor, stating why they do not endeavour to wind up & reconstitute themselves.
The former asks for further instructions. The simplest course would be to sanction the Special Act. The more natural means to draft the General Law through the Council; but Sir John Smale will absent himself, the Unofficial Members will oppose it, & it will probably not be carried except by the casting vote of the Governor.
Could we not adhere to the former instruction to pass this general Ordinance, but in deference to her Majesty's Instructions, which seem to me to be weighty, mark it in the part relating to the reduction of shares, that they shall not be reducible to a lower amount than a high minimum, say £50 or some other fixed figure in proportion?
4th Jan 1885 - May not, under the HK Companies Ordinance, a Company be formed with £1 shares? and if so, what is the value of the Attorney General's objection at the danger of encouraging gambling?
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who was afraid that Companies might subdivide then shares into infiniterional parts, when the small shares might get into the hands of Encle people & become insplements of gambling-
combie
The Company then asked the Javerun Bintioshen a speint law Theme $5000
Empowering then Bredner their chares from of 500 to of 1666. That is to saldeid earl thann of. Flor into there of £333 - each. They have sought the Whef by a private Bill, but the Standing onlus have no provision for such measures. The Bill was introduced & carried, the (. J. voting for it; but the theficial Membus - who an all Dimiter
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a tival Insuramen
Company - entired a lengthy protest against this week
Company only; and
- tunal legislation in farms of me Suppestil
til that the Company might obtain the sam by winding up & neconstituting Themsidorn
Lord Carmanon accepted the protest &
Which
love xx lava
divstid the
hover Dictioden & Genual measure, such as Mick been previously theon went, Sind. Denned dildo, but has with crown the Bill in consequence of Sir J. Small, opposition= in the dame grounde as defan: in 126. The unofficial Membus deem thour The sheasam had already been thrown och on itsenit
pon his written,
Then for should not be Ins pouse again.
argued that
The Chairman of the thine hrades Company gives his reasons in a letter to the fovenia, Shy they do not endeavo twind af
of a reconstitute the To:
d the
Wasins Leemi
The former asks further instuctions _
The simplest course would be to sanction the Ropecial Ach: The more natural men to dison the Gorma & Carry the Senerne Lars Through the Concile; but dir
one-
234
Iis John Smale will absent himself, the
nofficial memous will oppose it, & it will Inotably be carrive only by the casting woto, The Governor.
The Braunston
15:16/1
Could not we
former instruction
adhere to the
to pay this general
Ornance, but in deference to her) Incale=
of
of bond
Medioms, which seem to me to be weight descre that it be marted, in
7
the
to part relating of the reduction shares that they shall and be re- ducible to a lower anconot theaw
Fayy
650 (theat
a high minimumg
some the pied figure in proportion?
Rewer
4th Jan 17
theay not, ander the HK Comfame, Oden
Company
be formed
1885
with.
#1 shares? and if & Maties the
value of
the C.)'s objection at the
? danger of encouraging Gambling Regoth
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