CO129-503-5 Hong Kong and Shanghai Bank Ordinance- 1927 3-12-1926 - 31-12-1927 — Page 19

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"The objects of the bank shall be the carrying on the business of banking and the other businesses and objects set forth and contained in regulation No. 3 of the regulations".

That regulation confers powers, inter alia:.

"To mint coin:-·

To acquire by purchase or otherwise, or otherwise to participate in, deal in, and turn to account, the business of any mercantile trading or banking concern or any other business of whatsoever nature;

To establish, carry on, undertake, finance, or otherwise deal with and turn to account any business, undertaking, transaction or operation commonly carried on or undertaken

..roduce rokers and dealers, merchants,

by.

traders, capitalists..

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"To form, promote, finance, subsidise, and assist railways, or other commercial undertakings of whatsoever nature;

"To develop and turn to account any land, buildings, or other immovable property or rights therein acquired,

by the Bank or in which it is interested, and in particular by

ferming, cultivating.

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It appears to the Board that the grant of such comprehensive

powers would extend the possible operations of the bank far

beyond what are considered to be in this country "the ordinary

and legitimate purposes of a banking establishment" (see

quotation above from Section 20 of Ordinance of 1866) and

far beyond what is necessary to enable "the Bank to carry on

all such kinds of business as experience has shown can be

suitably and profitably conducted in conjunction with the

main