CO129-515-8 Hong Kong and Shanghai Banking Corporation- amendment ordinances- and reports 26-1-1929 - 8-7-1929 — Page 16

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with, may be made on behalf of the Bank in writing, signed by any person acting under its authority, express or implied, and may in the same manner be varied or discharged.

(e) Any contract, which if made between private persons would by law be valid although made by parol only and not reduced into writing, may be made by parol on behalf of the Bank by any person acting under its authority, express or implied, and may in the same manner be varied or discharged.

(2) All contracts made according to this section shall he effectual in law, and shall bind the Bank and its successors and all other parties thereto, their heirs, executors, administrators or assigns or successors, as the case may be.

14. A bill of exchange or promissory note shall be Bills of deemed to have been made, accepted, or indorsed on exchange and

promissory behalf of the tank if male, accepted, or indorsed in the notes. name of or by or on behalf or on account of the Bank by any person acting under its authority.

directors

1. The Bank shall not discomut, or in any manner Limit of advance money upon, bills of exchange, promissory notes, accommoda- or other negotiable paper, in or upon which the name of tion to any director or officer of the Bank appears as drawer or and officers. acceptor, either on his individual or separate account, or jointly with any partner, or otherwise than as a director or officer of the bank to an amount exceeding one-tenth of the amount of the sum for the time being under discount or advanced by the Bank, nor shall any director be allowed to obtain credit on his own personal guarantee.

16. The total amount of the debts and liabilities of the link of Bank of what nature or kind soever shall not at any time debts and exceed the aggregate amount of the then existing bonu liabilities. fide assets and property of the Bank and the sum for which its shareholders & re liable under the provisious herein contained.

17.-(1) Subject as hereinafter mentioned, the Bank may be wound up by the Supreme Court, and all the provisions of the Companies Ordinance with respect to the winding-up

of companies registered thereunder shall apply to the Bank as if expressly re-enacted in this Ordinance, save and except in such respects as the same may be altered or modified as hereafter mentioned or provided for.

(2) The circumstances under which the Bank may be wound up are as follows :-

(a) in the event of the Bank being dissolved, or ceasing to carry on business, or carrying ou business only for the purpose of winding-up its affairs; or

(b) whenever the Bank is unable to pay its debts;

or

(c) whenever the Court is of opinion that it is just and equitable that the Bank should be wound up.

18. The following enactments are hereby repealed :—

(1) The Hongkong and Shanghai Bank Ordinance,

1866 except section 3.

(2) The Hongkong and Shanghai Bank Amendment

Ordinance, 1924.

Powert. wind

up and application & the & Companies

ordinance therels.

Repeal of Ordinances Nos. 2 of 1866 except section 3 and 2 of 1924.

Crown and

19. Nothing in this Ordinance shall affect or be Saving of deemed to affect the rights of His Majesty the King, his rights of the heirs and successors, or the rights of any body politic or certain other corporate or of any other person except such as are men- rights. tioned in this Ordinance and those claiming by from or under them.

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