CO129-539-11 Hong Kong Flying Club- proposed establishment of a Flying Training school at Kai Tak 8-4-1932 - 4-3-1933 — Page 29

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of the Colony of Hong Kong within three years of the date hereof or at any time during my membership of the Hong Kong Flying Club, whichever period shall be the longer, declaring, under the provisions of the Emergency Regulations Ordinance No. 5 of 1922 that a state of emergency exists, I will place my services at the disposal of the Government of Hong Kong for service with aircraft in the Colony of Hong Kong subject to any obligation which may attach to me as a member of the Hong Kong Volunteer Defence Corps. () To take or concur in taking all such steps and proceedings as may seem best calculated to uphold and support the credit of the Company, and to obtain and justify public confidence, and to avert or minimise financial disturbances which might affect the Company.

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(s) To issue debentures, debenture stock, bonds, obligations and securities of all kinds, and to frame, constitute and secure the same as may seem expedient, with full power to make the same transferable by delivery or by instrument of transfer or otherwise, and either perpetual or terminable, and either redeemable or otherwise, and to charge or secure the same by trust deed or otherwise, on the undertaking of the Company, or upon any specific property and rights, present and future, of the Company (including, if thought fit, uncalled capital), or otherwise howsoever. (t) To borrow or raise or secure the payment of money in such manner as the Company shall think fit, and in particular by the issue

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of debentures, perpetual or

or otherwise, charged upon all or any of the Company's property (both present and future), including its uncalled capital, and to purchase, redeem or pay off any such securities.

(a) To do all such other things as are incidental or conducive to the attainment of the above objects or any of them.

Fourth. The liability of the Members is limited.

Fifth. The income and property of the Company whencesoever derived shall be applied solely towards the objects of the Company as set forth in this Memorandum of Association; and no portion thereof shall be paid or transferred directly or indirectly by way of dividend, bonus or otherwise howsoever by way of profit to the members of the Company. Provided that nothing herein contained shall prevent the payment in good faith of remuneration to any officers or servants of the Club or to any member of the Club or other person in return for any services actually rendered to the Club.

Sixth. Every member of the Club undertakes to contribute to the assets of the Club in the event of the same being wound up during the time that he is a member or within one year afterwards, for payment of the debts and liabilities of the Club contracted before the time at which he ceases to be a meinber, and of the costs, charges and expenses of winding up the same, and for the adjustment of the rights of the contributories amongst themselves such amount as may be required not exceeding $10.

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