CO129-467 - Governor Sir Stubbs & Acting Governor Claud Severn - 1921 [1-5] — Page 27

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26

PROPOSED CLAUSES to be incorporated in an Amending Ordinance to be cited as The Hongkong and Shanghai Banking Corporation Ordinance, 1921.

Power to further increase capital under certain conditions.

Removal of spe- cial conditions in respect of ordinary note issue beyond $10,000,000.

(a). Section 22 of the Hongkong and Shanghai Banking Corporation Ordinance, 1866, as amended by the Hongkong and Shanghai Banking Corporation Ordinance, 1907, the General Revision Ordinance, 1912, and the Final Revision Ordinance, 1912, is hereby amended by authorising and making it lawful for the Company, from time to time, to extend or increase its capital før the time being by the creation and sale of new shares, so as the same is made with the consent of

a General (Extraordinary) Meeting of the Share- holders of the Company, to be specially called for that purpose, and with the consent previously obtained of the Governor and under such conditions and provisions as he may think fit; such consent being evidenced by a Notification or Proclamation to that effect under the hand of the Governor and published in the Hongkong Government Gazette, and so as the total amount of the capital of the Company shall not exceed the sum of Fifty Million dollars.

(b). The said Section 22 of the said Ordinance (as so amended as aforesaid) is hereby further amended by authorising and making it lawful for the Company to issue bills and notes payable to bearer on demand, to an amount equal to the present total paid-up capital of the Company, namely, Twenty million dollars, upon the conditions and subject to the provisions contain- ed in Sub-sections (1) and (2) of Section 13 of the said Ordinance (as hereinafter amended) in the same manner in all respects as if the sum of $10,000,000. mentioned in Sub-section (2) of Section 13 of the