103447-1926-Supplementary-Bill-read-a-first-time--The-Bank-of-Canton-Limited-Capital-Conversion- — Page 1

336

LEGISLATIVE COUNCIL.

No. S. 142.-The following Bill was read a first time at a meeting of the Council held on the 27th May, 1926 :- མ

C.S.O. 1961/19.

[No. 5-6.5.26.-1.]

A BILL

INTITULED

Short title.

Interpreta- tion.

Power to

convert gold capital into silver.

Governor's

consent to be filed with the Registrar of Companies.

Saving of the

rights of the Crown and

An Ordinance to authorise the Bank of Canton Limited to convert its gold capital into silver.

Be it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:-

1. This Ordinance may be cited as "The Bank of Canton Limited (Capital Conversion) Ordinance, 1926”.

2. In this Ordinance "the Company" meaus The Bank of Canton Limited.

3. The Company may at any time by special resolution convert into silver its gold capital as existing at the date of the confirmation of such special resolution and such conversion shall take effect upon such special resolution being confirmed. Any such conversion shall be into the silver dollar currency of the Colony and shall be at such rate of exchange and upon such terms and conditions as may be sanctioned by the special resolution effecting the conversion: Provided always that no such special re- solution shall be submitted for confirmation without the consent in writing of the Governor.

4. The Company shall, at the same time as it forwards to the Registrar of Companies. a copy of the Special Resolution referred to in section 3 of this Ordinance in accordance with section 71 of the Companies Ordinance 1911, forward to him the formal consent of the Governor to such resolution.

5. Nothing in this Ordinance shall affect or be deemed to affect the rights of His Majesty the King, His Heirs, and Successors or the rights of any body politic or corporate or of any other persons except such as are men- other rights. tioned in this Ordinance and those claiming by from and

under them.

of certain

Repeal of Ordinance No. 6 of 1919.

Commence- ment.

6. The Bank of Cantou (Capital Conversion) Ordi- Dance, 1919, is repealed.

7. This Ordinance shall not come into operation until His Majesty's pleasure shall have been signified by a Government notification of non-disallowance published in the Gazette.

Objects and Reasons.

The Bank of Canton Limited was incorporated in Hong- kong in 1912 with a capital of $2,000,000. In 1919 in pursuance of special resolution under Section 3 of Ordi- nance No. 6 of 1919 the capital was converted into sterling and increased to £1,000,000. It has since been

1