EX.N
127
2.19
P.20
In Ex.D capital subscribed shows $2,613,260.
Apparently
11,330 shares which have not yet been issued or alloted are
included in this $2,613,260.
Firstly that he
In Ex.L (folio 49) is allotment Suspense Account of $1,133,000
and there is footnote on the folio showing how this amount is
made up.
N.I.B.12 in Ex. J is one of application forms for
shares in accordance with footnote in folic 49 in Fx.L. I have
searched books and found that no shares were alloted to those
who applied in this way. First form of Ex.J is form Kwong
Hoi Tin. There are two points to note.
consents to act as director, secondly that the to pay cash
deposit is left blank. Other applications similar to EX.J
have no filled in, except one which might read 1%. I have
found no money which was received in connection with these
applications, and no allotments made. I have found nothing
to show that applications had been scoepted. I found a
pencilled note regarding a sum of $6,260 which added to 2
items of $1,474,000 & $1,133,000, makes up $2,613,260. I
don't know about this except that from the note I understood
that it had something to do with Shekki capital. I see Ex.N
(N.I.B.9). I obtained these papers from Instone Banking
Corporation premises. In my opinion bank is not liable to
shareholders for $2,613,260. Paid up capital is $987,510 in
rospect of 14,740 shares issued. It seems to me that bank
is only liable for $987,510 and perhaps the vö,260 as well.
Item Capital Uncalled $1,420,950. That consists of
Uncalled capital on 14,740 alloted shares $401,250, balance
$1,019,700 is 90% of $1,153,000 nominal value of unalloted
shares. I can't find these figures in booka anywhere. This
is only way I can account for these sums.
In my opinion 90% of Uncalled Capital on unalloted shares is
not an asset. In my opinion it is incorrect to show Uncalled
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