CO129-417 - Public Offices - 1914 — Page 75

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9idatitado

charitable purposes on the one hand, and for commer-

cial purposes only in such measure as do "the Shanghai

Stock Exchange" and "the Yangtze Pilots Company". The

matter was not pressed at the Foreign Office confer-

ence, as the matter seemed of minor importance, and I

think the point of view was new to some of us.

But the company limited by guarantee with a share

capital was certainly not present to my mind, nor I

believe to that of any of us. Such a company probably

does not exist in China, and as far as I can gather

from text books is now rare. Special legislation, the

Companies Act 1900 followed by Section 4 of the

Companies Consolidation Act 1908 and Section 5 of the

Hongkong Companies Ordinance, was enacted because

companies limited by guarantee escaped applications

to the Courts necessary to companies limited by shares

and since this necessity was imposed on such companies

they have become rare, I can see no reason why the com-

pany limited by guarantee should not revive should

inducement offer; and I have no doubt that it will do

so, so that promoters may avoid the onerous provisions

of the draft Order. Draftsmen in Hongkong are quite

ready to take advantage of any flaw in the Order.

Again