ORDINANCE No. 5 of 1866.
Hongkong and Shanghae Bank.
Second. For holding extraordinary General Meetings of the Company upon the requisition of Nine or more Shareholders, holding in the whole at least Two Thousand Shares in the Company.
Third. For the management of the Affairs of the Company and the election and qualification of the Directors.
Fourth. For the retirement of at least one-fourth of the Directors of the Company Yearly.
Fifth. For preventing the Company from purchasing any Shares, or making advances of Money, or securities for Money, to any person, on the security of a Share or Shares in the Company.
Sixth. For the publication, as shall be directed in the said Deed, of the Assets and Liabilities of the Company, and of the amounts of Promissory Notes in circulation, and of the Coin held in the Establishments of the said Company in the Colony or elsewhere.
Seventh. For the verification of such statements, and for the furnishing of such further information as the said Governor of Hongkong may require, respecting the state and proceedings of the Banking Establishments of the Company in the Colony or elsewhere.
Eighth. For the Yearly Audit of the Accounts of the Company by Two or more Auditors, not being Directors at the time.
Ninth. For the Yearly communication of the Auditors' Report, and of a Balance Sheet, and Profit and Loss Accounts to every Shareholder.
Tenth. For the appointment of Managers, or Agents, or other Officers, to perform the duties of Managers or Agents.
XI. The provisions of this Ordinance, and the provisions to be contained in the said Deed of Settlement, or in any Supplemental Deed to be made in pursuance thereof, or to be contained in any Bye-Laws to be made in pursuance of such Deeds, or any of them, shall be taken to be the existing Rules and Regulations of the Company, except so far as the same may be repugnant to the laws of the Colony, or of any Ports, Towns, Cities or Places where the Company may carry on business, or to the provisions of this Ordinance. Provided nevertheless, that no Bye-Law or Supplemental Deed that may be made, shall have any force or effect until the same shall have been approved of by the Governor and a certificate of such approval shall have been given under the hand of the Governor.
Issues of Notes and Bills, provisions as to.
XII. It shall be lawful for the Company to make, issue and circulate Notes or Bills payable to bearer on demand in Coin lawfully current in the Colony and to re-issue the same: Provided that no such Notes shall be issued for any other Sums than the Sum of Five Dollars, or some multiple of such Sum, or other equivalent amount, unless the issuing of Notes of other amounts shall be sanctioned by the Governor: Provided also that nothing herein contained shall exempt the Company from the operation of any existing or future laws of the Colony or of any Port, City, Town, or Place beyond the limits of the Colony where they may with such consent as aforesaid establish Bank or Branch Banks, restricting or regulating the issue of such Notes, by Banks established therein. And provided also that the Shareholders of the Company shall be subject to unlimited liability in respect of all or any such issues or issue of Notes, and, if necessary, the Assets of the Company shall be made available for the benefit of the general Creditors of the Company and the Shareholders shall be liable for the whole amount of such issue, in addition to the Sum for which they are liable under the other and general provisions of this Ordinance.
XIII. The total amount of the Bills and Notes of the Company payable to Bearer on demand actually in circulation shall not at any time exceed the amount of the Capital of the Company actually paid up, and there shall always be kept by the Principal Establishment in the Colony, an amount of Coin and Bullion equal to one-third at least of the Notes and Bills of the Company for the time being in circulation.
XIV. The total amount of the Debts and Liabilities of the Company of what nature or kind soever shall not at any time exceed the aggregate amount of the then existing bona fide Assets and property of the Company, and the sum for which its Shareholders are liable under the provisions herein contained.
XV. If at any time there shall be a Suspension of payment of any of the Notes or Bills of the Company, it shall not be lawful for the said Company from and after the commencement, and during the continuance, of such Suspension of Payment, to make any fresh issue of Notes or Bills.
XVI. The Company shall not Discount, or in any manner Advance Money upon Bills of Exchange, Promissory Notes, or other Negotiable paper, in or upon which the name of any Director, or Officer of the Company, shall appear as Drawer, or Acceptor, either on his individual or separate account, or jointly with any partner or partners, or otherwise than as a Director or Officer of the Company, to an amount exceeding one third of the amount of the Sum for the time being under discount, or advanced by the Company, nor shall any Director be allowed to obtain Credit on his own personal guarantee.
XVII. It shall be lawful for the Company notwithstanding the statutes of Mortmain or any other statutes of laws to the contrary to purchase, hold, take, and enjoy to them and their successors, such Houses, Offices, Buildings, Lands and Hereditaments, as shall be thought necessary or proper for the purpose of managing, conducting, and carrying on the affairs, concerns and business of the Company, but not for the purpose of speculation, or any other purpose than as aforesaid, and so as no such Houses, Offices, Buildings or Land shall be more than the Yearly value of Thirty Thousand Dollars at the time of acquiring the same, or of such further Yearly value as shall be sanctioned by the Governor and to sell, convey, and dispose of the said property or any portion or part thereof, when not wanted for the purposes of the said business.
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Rules and
what are to be.
ORDINANCE No. 5 of 1866.
Hongkong and Shanghae Bank.
Second. For holding extraordinary General Meetings of the Company upon the requisition of Nine or more Shareholders, holding in the whole at least Two Thousand Shares in the Company.
Third. For the management of the Affairs of the Company and
the election and qualification of the Directors.
Fourth. For the retirement of at least one-fourth of the Directors
of the Company Yearly.
Fifth. For preventing the Company from purchasing any Shares, or making advances of Money, or securities for Money, to any person, on the security of a Share or Shares in the Company. Sixth. For the publication, as shall be directed in the said Deed, of the Assets and Liabilities of the Company, and of the amounts of Promissory Notes in circulation, and of the Coin held in the Establishments of the said Company in the Colony or elsewhere.
Seventh. For the verification of such statements, and for the furnishing of such further information as the said Governor of Hongkong may require, respecting the state and proceedings of the Banking Establishments of the Company in the Colony or elsewhere.
Eighth. For the Yearly Audit of the Accounts of the Company by Two or more Auditors, not being Directors at the time. Ninth. For the Yearly communication of the Auditors' Report, and of a Balance Sheet, and Profit and Loss Accounts to every Shareholder.
Tenth. For the appointment of Managers, or Agents, or other
Officers, to perform the duties of Managers or Agents. XI. The provisions of this Ordinance, and the provisions to be Regulations of contained in the said Deed of Settlement, or in any Supplemental the Company, Deed to be made in pursuance thereof, or to be contained in any Bye-Laws to be made in pursuance of such Deeds, or any of them, shall be taken to be the existing Rules and Regulations of the Company, except so far as the same may be repugnant to the laws of the Colony, or of any Ports, Towns, Cities or Places where the Company may carry on business, or to the provisions of this Ordi- nance, Provided nevertheless, that no Bye-Law or Supplemental Deed that may be made, shall have any force or effect until the same shall have been approved of by the Governor and a certificate of such approval shall have been given under the hand of the Governor.
Issues of Notes
visions as to.
XII. It shall be lawful for the Company to make, issue and cir- and Bills, pro-culate Notes or Bills payable to bearer on demand in Coin lawfully current in the Colony and to re-issue the same: Provided that no such Notes shall be issued for any other Suras than the Sum of Five Dollars, or some multiple of such Sum, or other equivalent amount, unless the issuing of Notes of other amounts shall be sane- tioned by the Governor: Provided also that nothing herein contained shall exempt the Company from the operation of any existing or
ORDINANCE No. 5 of 1866.
Hongkong and Shanghae Bunk.
future laws of the Colony or of any Port, City, Town, or Place beyond the limits of the Colony where they may with such consent as aforesaid establish Bank or Branch Banks, restricting or regn- lating the issue of such Notes, by Banks established therein. And Liability of provided also that the Shareholders of the Company shall be subject Shareholders to unlimited liability in respect of all or any such issues or issue of to be unlimited Notes, and, if necessary, the Assets of the Company shall be mur. Note issue.
it shalled for the benefit of the general Creditors of the Company and the Shareholders shall be liable for the whole amount of such issue, in addition to the Sum for which they are liable under the other and general provisions of this Ordinance.
in respect of
XIII. The total amount of the Bills and Notes of the Company Limitation of payable to Bearer on demand actually in circulation shall not at issue of Notes any time exceed the amount of the Capital of the Company actually for keeping of and provision paid up,
and there shall always be kept by the Principal Establish- Iteservo ment in the Colony, an amount of Coin and Bullion equal to one- agahust them. third at least of the Notes and Bills of the Company for the time being in circulation,
XIV. The total amount of the Debts and Liabilities of the Com- Limit of total pany of what nature or kind soever shall not at any time excoed Debts and the aggregate amount of the then existing bona fide Assets and Liabilities. property of the Company, and the sun for which its Shareholders are liable under the provisions herein contained.
XV. If at any time there shall be a Suspension of payment of in event of any of the Notes or Bills of the Company, it shall not be lawful for Suspension of the said Company from and after the commencement, and during Point, no the continuance, of such Suspension of Payment, to make any fresh take place. issue of Notes or Bills.
fresh issue to
XVI. The Company shall not Discount, or in any manner Advance Liinit of Money upon Bills of Exchange, Promissory Notes, or other Nego- accommodation tiable paper, in or upon which the name of any Director, or Officer to Directors. of the Company, shall appear as Drawer, or Acceptor, either on his individual or separate account, or jointly with any partner or part- ners, or otherwise than as a Director or Officer of the Company, to an amount exceeding one third of the amount of the Sum for the time being under discount, or advanced by the Company, nor shall any Director be allowed to obtain Credit on his own personal guarantee.
XVII. It shall be lawful for the Company notwithstanding the Power to the statutes of Mortmain or any other statutes of laws to the contrary Company to to purchase, bold, take, and enjoy to them and their successors, enchid Fans and Building sub- Houses, Offices, Buildings, Lands and Hereditaments, es shall ur ject to certain may be thought necessary or proper for the purpose of managing, restrictions. conducting, and carrying on the affairs, concerns and business of the Company, but not for the purpose of speeniation, or any other purpose than as aforesaid, and so as no such Houses, Offices, Build- ings or Land shall be more than the Yearly value of Thirty Thousand Dollars at the time of acquiring the same, or of such further Yearly value as shall be sanctioned by the Governor and to sell, convey, and dispose of the said property or any portion or part thereof, when not wanted for the purposes of the said business,"
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