CO129-314 - Public Offices - 1902 — Page 588

583

Recital of Petition.

Company and in the event of the said Company's becoming insolvent to be applied accordinglyso far as might be necessary but without prejudice to the rights of the holders

of such notes to rank with other creditors of the said

Company against the assets of the said Company.

11. AND WHEREAS the said Company have represented unto Us that there has recently come into existence a greatly increased demand for Bank Notes in Hong Kong and have made application to us for such further supplemental Charter as may be necessary to enable them for the purpose

of meeting this increased demand, to issue Notes to an

amount in excess of the limit fixed by the existing

Giring Author- Charters NOW KNOW YE that WE BY THESE PRESENTS ity to issue

totes in ex- do will and ordain that notwithstanding the restriction cess of 8,000,000 dollars on imposed by Article X of the said Supplemental Charter of

conditions stated'

the 17th day of December 1894 upon the total amount of

Promissory Notes issuable by the said Company, Promissory

Notes of the said Company, may during the period for which

the said Company shall remain incorporated, be issued and

be in actual circulation to an amount in excess of eight

million dollars if there shall have been specially

deposited and shall be kept in the custody of the Colonial

Secretary and the Colonial Treasurer of Hong Kong for the

time being an amount of coin or bullion or coin and bullion

equal to the whole value of such excess issue for the time

being actually in circulation to be held by the said

Colonial Secretary and Colonial Treasurer of Hong Kong

exclusively for the redemption of such promissory notes where-over the same may have been issued PROVIDED

NEVERTHELESS and WE DO HEREBY DIRECT that this Power

of