63882-1919-Supplementary-Advertisements — Page 2

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Objects and Reasons.

The Bank of Canton Limited was incorporated in 1912 under the Companies Ordinance, 1911, and its registered office is situate at Victoria, in the Colony of Hongkong. Among the 33 objects set out in Clause 3 of the Memorandum of Association are:---

3.-(1) To establish and carry on the business of Bankers in all its branches and departments in Hongkong, in China or in any other parts of the world as may from time to time be determined.

(23) To obtain any act or decree of the Imperial Parliament, of any Colonial Parliament, or of any Foreign Government, legislative assembly or council

or other

proper authority at home or abroad for enabling the Company to carry any of its objects into effect, or for dissolving the Company and reincorporating its members as a new Company

or for

effecting any modification in the Company's constitution or for enlarging the powers of the Company under this Memorandum of Association whether such powers be cognate to the powers granted hereby or not. (26) 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 Com- pany.

The Capital of the Company is $2,000,000 Hong- kong Currency and regulations as to increasing it are contained in Art. 14 of the Articles of Association, This Capital has now been almost fully issued and paid up and it is intended to increase it. It will be an advantage to the Bank if its capital is stabilised by conversion from silver into gold especially as it is expected that a large proportion of the new subscriptions will come from "gold" countries. Moreover the Bank always has to keep a large amount of money in "gold" countries for the purpose of its exchange transactions. The first 5 clauses of the Bill follow the precedent of Ordinance No. 4 of 1919. Clause 6 is rendered neces- sary by Art. XXVI (4) of the Royal Instructions of the 14th February, 1917.