627895-1899-Bills-read-first-time--Naturalization-of-Mak-Ngan-Wan-Hongkong-and-Shanghai-Bank-Amendment-Public-Buildings-and-Places-Amendment-Sung-Wong-Toi-Reservation-Dogs-Amendment-Vehicles-Regulation-Solicitors — Page 2

THE HONGKONG GOVERNMENT GAZETTE, 28TH JANUARY, 1899.

A BILL

ENTITLED

An Ordinance to amend Ordinance 5 of 1866 and the Hongkong and Shanghai Bank Ordi- nance Amendment Ordinance, 1882.

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 Hongkong and Short title. Shanghai Bank Ordinance, 1899, and shall be read and construed as one with the Hongkong and Shanghai Bank Ordinance (No. 5 of 1865), hereinafter referred to as the principal Ordinance, and the Ordinances amending the same, viz., No. 21 of 1882, No. 15 of 1887 and No. 29 of 1889, and the five Ordinances may be cited as the Hongkong and Shanghai Bank Ordinances, 1866 to 1899.

from the

2. The Company shall at all times keep deposited either Security with the Crown Agents for the Colonies in London or with required Trustees to be appointed by the Secretary of State for the Bank in Colonies, or partly with such Crown Agents an partly with respect of its such Trustees, coin of denominations to be approved by the ordinary Secretary of State for the Colonies or securities to be so note issue. approved, or partly such coin and partly such securities, equal to one-third of the total paid up capital of the Com- pany, namely, ten million dollars, such coin or securities or such coin and securities to be held by the said Crown Agents or by the said Trustees separately or jointly as special funds exclusively available for the redemption of the bills and notes payable to bearer on demand issued by the Company, and in the event of the Company becoming insolvent to be applied accordingly as far as may be neces- sary, but without prejudice to the rights of the holders of such bills and notes to rank with other creditors of the Company against the assets of the Company.

mitted under

3. Notwithstanding the restriction imposed by the thir- Excess note teenth section of the principal Ordinance, as amended by issue per- the said Ordinance No. 21 of 1882, upon the total number certain of the bills and notes of the Company payable to bearer conditions. on demand actually in circulation, bills and notes of the Company payable to bearer on demand may, for the period of one year from the 31st day of July, 1898, be issued and be in actual circulation to an amount in excess of the capital of the Company actually paid up, if there shall have been specially deposited and shall be kept in the custody of the Colonial Secretary and the Colonial Treasurer for the time being an amount of coin or bullion or coin and bullion equal to the whole value of such excess issue for the time being actually in circulation to be held by the said Colonial Secretary and Colonial Treasurer exclusively for the re- demption of such bills and notes wherever the same may have been issued.

4. The Hongkong and Shanghai Bank Ordinances Amend- ment Ordinance No. 6 of 1898 is hereby repealed.

Objects and Reusms.

This Bill is introduced in its present form under instructions received from the Right Honourable the Scere- tary of State for the Colonies, who considers that Ordinance No. 6 of 1898 is incomplete, in the following respects, namely:-

(1.) That it does not embody the arrangement which was made with the Bank in 1889 with regard to the security for its ordinary note issue, and

(2.) That it does not provide with sufficient clearness that the deposit which is required in respect of the execss note issue is to be under the custody of the Colonial Secretary and the Colauial Treasurer and not under that of the Bank.

HENRY E. POLLOCK,

Acting Attorney General,

73