CO129-175 - Sir Kennedy - 1876 [9-12] — Page 322

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed
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318

own vote. True it is that the reduction is to be confirmed by the court. No right to enquire and decide as to the propriety of any such reduction is given to the Court but there is a provision for ascertaining assenting creditors. This out will subject and providing for the Court to the labour of ascertaining who are creditors at the time which in the larger proportion of a company's debts would be on Bills of Exchange - the holders of which it is impossible to ascertain. As Chief Judge of the Court I assert that the Court could not effectually carry out these provisions as they stand.

Clauses 20 and 21 authorise every company to subdivide its shares it may be even down to $1 a share without any external control and without notice to the world in general. This is most objectionable. Credit is properly given to character as much as to capital and when shares are of $5,000 or even $100 each men of the lowest means are excluded but when shares are greatly reduced men of no means can speculate elect the Directors and influence all the Company's transactions.

Clauses 26 to 35 provide for the issue of share warrants vesting the property in a share without...

me. 776 & 8 18154

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318 own vote. True it is that the reduction is to be confirmed by the court. No right to enquire and decide as to the propriety of any such reduction is given to the Court but there is a provision for ascertaining assenting creditors. This out will subject and providing for the Court to the labour of ascertaining who are creditors at the time which in the larger proportion of a company's debts would be on Bills of Exchange - the holders of which it is impossible to ascertain. As Chief Judge of the Court I assert that the Court could not effectually carry out these provisions as they stand. Clauses 20 and 21 authorise every company to subdivide its shares it may be even down to $1 a share without any external control and without notice to the world in general. This is most objectionable. Credit is properly given to character as much as to capital and when shares are of $5,000 or even $100 each men of the lowest means are excluded but when shares are greatly reduced men of no means can speculate elect the Directors and influence all the Company's transactions. Clauses 26 to 35 provide for the issue of share warrants vesting the property in a share without... me. 776 & 8 18154
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318 own vote. True it is that the reduction is to be confirmed by the court. No right to enquire and becide as to the propriety of any such reduction is given to the Court but - there is a provision for ascertaining assenting creditors. this out will subject and providing for To earry mon the Court to the labour of ascertaining who are creditors at the time which in the larger proportion of a company's debts would be on Bille of Exchange - the holders of which it is impossible to ascertain. As chief Rudge of the Court I assert that the Court could out these not effectually carry provisions as they stand. Clauses 20 and 21 authorise every company to subdivide its shares it may be even down to #1 a share without any external controul and without notice to the world in general. This is most objectionable. Credit is properly given to character as much as to capital and when shares are of #5,000 or even $100 each men of the cowest means are excluded but when shares are greatly reduced greatly reduced men of no means до in and speculate elect the Directors and influence all the Company's transactions. Clauses 26 to 35 provide for the issue of share warrants vesting the property in a share without. me. 776 & 8 18154
2026-05-21 12:08:56 · Baseline
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318

own vote. True it is that the reduction is to be confirmed by the court.

No right to enquire and becide as to the propriety of any such reduction is given to the Court but - there is a provision for ascertaining

assenting creditors. this out will subject

and providing for

To

earry

mon

the Court to the labour of ascertaining who are creditors at the time which in the larger proportion of a company's debts would be on Bille of Exchange - the holders of which it is impossible to ascertain. As chief Rudge of the Court I assert that the Court could

out these

not effectually carry provisions as they stand.

Clauses 20 and 21 authorise

every company to subdivide its shares it may be even down to #1 a share without any external controul and without notice to the world in general. This is most objectionable. Credit is properly given to character as much

as to capital and when shares are of #5,000 or even $100 each men of the cowest means are excluded but when

shares are greatly reduced

greatly reduced men of no

means

до

in

and speculate elect

the Directors and influence all the

Company's transactions.

Clauses 26 to 35 provide for

the issue of share warrants vesting the property in a share without.

me. 776 & 8 18154

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