20388-1911-Ordinance-passed-and-assented-to--Companies-No-58-of-1911 — Page 39

638 THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 15, 1911.

Limitation

of time for issue of cer- tificates.

8 Edw. 7 c. 69 s. 92.

Registration

(4) The payment shall be made only for such period as may be determined by the court; and such period shall in no ease extend beyond the close of the half year next after the half

year during which the works or buildings have been actually completed or the plant provided:

(5) The rate of interest shall in no case exceed six per cent. per annum or such lower rate as may for the time being be prescribed by the

Court:

(6) The payment of the interest shall not operate as a reduction of the amount paid up on the shares in respect of which it is paid:

(7) The accounts of the company shall show the share capital on which, and the rate at which, interest has been paid out of capital during the period to which the accounts relate.

Certificates of Shures, &c.

94.-(1) Every company shall, within two months after the allotment of any of its shares, debentures, or debenture stock, and within two months after the registration of the transfer of any such shares, debentures, or debenture stock, complete and have ready for delivery the certifienies of all alares, debentures, and the certificates of all debenture stock allotted or transferred, unless the conditions of issue of the shares, debentures, or debenture stock other- wise provide.

(2) If default is made in complying with the require- ments of this section, the company, and every director, manager, secretary, and other officer of the company who is knowingly a party to the default, shall be liable to a fine not exceeding fifty dollars for every day during which the default continues.

Information as to Moriyages, Charges, &c.

95.—(1) Every mortgage or charge created after the of mortgages date of the coming into operation of this Ordinauer by and charges company registered in the Colony and being cither-- in Colony.

Ib. s. 93.

1

(d) a mortgage or charge for the purpose of securing

any issue of debentures; or

(6) a mortgage or charge on unealled share capital

of the company; or

(e) a mortgage or charge created or evidenced by an instrument which, if executed by an indivi- dual, would require registration as a bill of sale: or

(d) a mortgage or clarge on any land, wherever

sitate, or any interest therein cer

(e) & mortgage or charge on my hook delas of the

company; or

(7) a Boating charge on the undertaking or property

of the company,

shall, so far as any security on the company's property or undertaking is thereby conferred, he void asinst the liquidator and any creditor of the company, unless the prescribed partientars of the mortgage or charge. together with the instrument (if any) by which the mortgage or charge is created or evidenced, are delivered to or received by the registrar of companies for registration in mammer required by this Ordinaare within five weeks after the date of its creation bar without prejudice to any contract or obligation for repayment of the money thereby secured, and when a mortgage or charge becomes void under this section the money secured thereby shall im- mediately become payable :

Provided that—

(7) In the case of a mortgage or charge created out of the Colony comprising solely property situate outside the Colony, the delivery to and the receipt by the registrar of a copy of the in- strument by which the mortgage or charge is.

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