CO129-175 - Sir Kennedy - 1876 [9-12] — Page 321

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed
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Their proceedings should be regularly checked in detail by the Registrar of Companies, who should be responsible to bring before the court, in a simple and inexpensive way, as in Bankruptcy and without legal intervention, all irregularities; and that as to all new companies, the prospectus and deed of Association should be settled by a Judge with full powers to enquire, who should certify that they are right in all respects whatever. This would tend to, if it does not absolutely prevent, delusive schemes.

16.

Page 317

I now proceed to comment on the provisions of the Bill, which was withdrawn on the 16th Instant.

Clauses 4 to 8 provide that there may be unlimited liability of Directors, if so provided in the Memorandum of Association. These are useless provisions, for as the promoters usually intend to command the nomination of Directors, they will never have the memorandum so expressed.

Sections 9 to 19 provide for the reduction of capital and shares. Now, a company starting with a large capital in this colony gains credit all over the world, as its capital is at first advertised. The Bill, by these sections, authorises the company to reduce that announced capital by ... to ...

(1965, 7 } 76 −H & S 1815)

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Their proceedings should be regularly checked in detail by the Registrar of Companies, who should be responsible to bring before the court, in a simple and inexpensive way, as in Bankruptcy and without legal intervention, all irregularities; and that as to all new companies, the prospectus and deed of Association should be settled by a Judge with full powers to enquire, who should certify that they are right in all respects whatever. This would tend to, if it does not absolutely prevent, delusive schemes. 16. Page 317 I now proceed to comment on the provisions of the Bill, which was withdrawn on the 16th Instant. Clauses 4 to 8 provide that there may be unlimited liability of Directors, if so provided in the Memorandum of Association. These are useless provisions, for as the promoters usually intend to command the nomination of Directors, they will never have the memorandum so expressed. Sections 9 to 19 provide for the reduction of capital and shares. Now, a company starting with a large capital in this colony gains credit all over the world, as its capital is at first advertised. The Bill, by these sections, authorises the company to reduce that announced capital by ... to ... (1965, 7 } 76 −H & S 1815)
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their proceedings should be regularly checked in detail by the Registrar of Companies who should be responsible to bring before the court in a simple and inexpensive way as in Bankruptey and without legal intervention all- irregularities and that as to all new companies the prospectus and deed of Association should be settled by a Judge with full powers to enquire who should certify that they are right · in all respects whatever. This would tend to if it does not absolutely - prevent delusive rokemes. 16. I now proceed to comment on the provisions of the Bill which was withdrawn on the 16th Instant. there 317 Clauses 4 to 8 provide that may be unlimited liability of - Directors of so provided in the Memorandum of Association. These are useless provisions for as the promoters usually intend to command the nomination of Directors they will never have the memorandum so expressed. Sections 9 to 19 provide for the reduction of capital and shares. Now a company starting with - large capital in this colony gains - credit all over the world as its capital a is at first advertized. The Bill by- these sections authorises the company reduce that announeed capital by i... to (1965, 7 } 76 −H & S 1815)
2026-05-21 12:08:47 · Baseline
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their proceedings should be regularly checked in detail by the Registrar of Companies who should be responsible to bring before the court in a simple and inexpensive way as in Bankruptey and without legal intervention all- irregularities and that as to all new companies the prospectus and deed of Association should be settled by a Judge with full powers to enquire who should certify that they are right

· in all respects whatever. This would tend to if it does not absolutely - prevent delusive rokemes.

16.

I now proceed to comment on the provisions of the Bill which was withdrawn on the 16th Instant.

there

317

Clauses 4 to 8 provide that

may be unlimited liability of - Directors of so provided in the

Memorandum of Association. These are useless provisions for as the promoters usually intend to command the nomination of Directors they will

never have the memorandum so

expressed.

Sections 9 to 19 provide for the reduction of capital and shares.

Now a company starting with - large capital in this colony gains - credit all over the world as its capital

a

is at first advertized. The Bill by- these sections authorises the company reduce that announeed capital by i...

to

(1965, 7 } 76 −H & S 1815)

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