CO129-192 - Governor Hennessy - 1881 [1-4] — Page 627

Power to other parties to

convey lands in Mortmaio to Company.

Notice of

purchase and

resale of lands

ho given.

ORDINANCE No. 5 of 1866.

Jonghong and Shanghae Bank.

XVIII, All and every Person and Persons, and bodies, politie and corporate who are or shall be otherwise competent, shall be and are hereby authorized and empowered to grant, sell alien and convey in lortmain unto, and to the use of, the Company and their suc- cessors, any such Houses, Offices, Lands, and úther Hereditamenta whatsoever as aforesaid accordingly.

XIX. It shall not be lawful for the Company to make any pur chase of Messuages, Lands or Hereditaments in the Colony or of Company to elsewhere, beyond the annual value of Thirty Thousand Dollars at the time of acquiring the saine, or of such further sonnal value as shall be sanctioned by the Governor and when and as any such purchase shall be made by the Company, the Directors of the Com- pany shall, in all cases, within Tliree Calendar Months from the making and completing of any such purchase report the same in writing to the Governor, stating the ainout of the purchase Money paid for the same and giving a description of the Lands and Hore- ditaments so purchased, and such other particulars relating thereto as may from time to time he required by the Governor; and in case any Hereditaments so purchased be re-sold by the Company, they shall within Fourteen Days after every such sale, give notice in writing to the Colonial Secretary of the Colony of such re-sale, and of the price obtained for the saine.

Prohibition against

purebase of other Landa and against

trading, but

accept Land

and personal

security for

XX. Except for the purposes aforesaid it shall not be lawful for the Company to invest, lay out, employ, advance or embark any part of their Capital or Funds in the purchase of any lands, Houses, or other real property, nor in any trading or mercantile speculation or business whatsoever (not usually considered as falling within with power to the ordinary and legitimate purposes and operations of a Banking Establishment), but it shall nevertheless be lawful for the Company property as to take and accept any Lands, Houses, or other real or personal property in satisfaction, liquidation or payment of any debt abso- Monies owing Jutely and bond fide préviously due and owing to the Company, and also to take any mortgage or other lien or charge on real or personal property as a security for any Monies actually and bond file previously due to the Company, or for which any Person or Persons may have rendered himself or themselves liable to the Company, and to hold such Lands, Houses, and other real and personal property respectively, for such reasonable time as shall be necessary for selling and disposing of and converting the same into Money,

Power to Con pany to sell

and convert Land or pro-

XXI. It shall be lawful for the Company to sell, dispose of, and convert into Money, any Goods, Wares, or Merchandize, which shall or may be taken by them in satisfaction, liquidation or pay- porty taken as ment of any debt: And also to sell and convey any Lands, Houses, security, and other real property whatsoever, Goods, Wares, or Merchandize,

which they shall or may have acquired in manner aforesaid.

Power to in-

XXII. It shall be lawful for the Company from time to time to eveuse Capital extend or increase their Capital for the time being by the creation certain condi- and sale of new Shares, in the manner to be specified and set forth in the Deed of Settlement, to be prepared and executed as herein-

further under

tions.

ORDINANCE No. 5 OF 1866.

Hongkong and Shanghae Bank,

before directed, so as the same be made with the consent of a General Meeting of the Shareholders of the Company to be specially called for that purpose, and with the consent previously obtained of the Governor and Auder such Conditions and provisions as he shall think fit, such consent being evidenced as hereinbefore provided for with respect to other requirements of a like nature, and so as the 1otal amount of the Capital of the Company shall not exceed the Sum of Ten Millions of Dollars and until it shall be certified by the Governor in like manner as aforesaid that one-half of such new Capital has been so paid up, the Company shall not be entitled, by advertisement or otherwise, to state or hold out to the Public that the amount of the Capital has been increased.

XXIII. The remainder of the instalments on the Shares con- Increased (a- stituting such increased Capital shall be wholly paid up within Two pital to be filly Years from the date of the Certificate, to be granted as aforesaid, paid up, when. of one-half thereof having been paid up, and the same shall be made to appear to the satisfaction of the Governor, to be certified us aforesaid,

XXIV. The Directors of the Company shall, if, and whenever, Directors to they shall be required so to do, by the Governor, produce and produce submit to him, or to such persons or officers as he may appoint for stu

statements that purpose, for his or their inspection and examination, the several when called on acconuts and statements which by the said Deed shall be directed to do so. to be made and furnished.

XXV. If the Company shall become insolvent, every Proprietor Liability of for the time being of Shares in the Capital thereof shall, in addition Sharebakers. to his liability for the amount of the issue of Notes under the Provisions of the Twelfth Clause of this Ordinance, be liable to contribute to the payment of the debts, engagements, and liabilities of the Company not only such parts of the Shares held by him or her respectively, in the Capital of the Company, as shall not have been theretofore called for and paid up, but also such farther Sums of Money not exceeding the amount of the Shares so held by him or her, as shall be requisite and necessary to satisfy and discharge the debts, engagements, and liabilities of the Company,

XXVI. In the sail Deeds so to be executed as aforesaid, and in Provisions to every transfer of any Share or Shares in the Company, dus pro- be inended la vision shall accordingly be made for the payment by the Share- Bed and Lokters of such amounts as aforesaid.

Transfers.

certain events.

XXVII. In the event of the insolvency of the Company, or of Provision læ nuy Suspension in the Payments of the Company, for the space of repent of this Sixty Days in succession, or for any number of Days, at intervals Ordinutes on which shall amount altogether to Sixty Days within any one Year, or if the Company shall not have well and truly maintained, abited by, performed and observed, all and every the rules, orders, pro- visions, and directions herein contained and set forth, or to le contained and set forth in the said Deed, so to be executed us aforesaid; Then, and in any of such cases, it shall and way be lawful for the Governor with the Advice of the Legislative Council of the Colony by an Ordinance "to be passed for that purpose to

616