63912-1919-Supplementary-Bill-read-a-first-time---China-Companies-Custodian — Page 1

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LEGISLATIVE COUNCIL.

No. S. 151.—The following Bill was read a first time at a meeting of the Council held on the 12th June, 1919:-

A BILL

Short title.

Definition.

Power of

Governor to

rest shares

in China.

INTITULED

An Ordinance for the appointment of a Special Custodian of Enemy Interests in China Com- panies.

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 "China Companies" Custodian Ordinance, 1919.

""

2.China Company means a company limited by shares or by guarantee incorporated under the Companies Ordinances, and the operations of which are directed and controlled from some place within the limits of the China (Companies) Order in Council, 1915.

3.--(1.) Notwithstanding any appointment by him of a Custodian under the Trading with the Enemy etc. of China (Second Amendment) Ordinance, 1915, the Governor Companies may vest by order in any person, who has been appointed, in Custodian whether before or after the commencement of this appointed by H.M. Minister Ordinance, Custodian of Enemy Property in China by His Majesty's Minister in China, as Custodian, any shares, stock, debentures, debentures stock, annuities, and any other obligations of any China Company (including any rights, whether legal or equitable, in or arising out of the same) held by or on behalf of an enemy and the right to transfer the same: and any such vesting order, when made, shall relate back to the time of the appointment of such Custodian and shall confer upon such Custodian and shall be deemed to have been conferred upon him as from the time of such appointment the right to sell manage and otherwise deal with and to transfer all such shares, stock, debentures, debentures stock, annuities, and other obligations of such China Company (including any such rights as aforesaid) without the necessity of any further conveyance, assurance or document.

(2.) Where such Custodian either proposes to sell or has already sold any shares, stock, debentures, deben- ́ ́ tures stock, annuities or other obligations of any China. Company in respect of which a vesting order has been made under this Ördinance (including any such rights as aforesaid), the purchase by such Company of such shares, stock, debentures, debentures stock, annuities or other obligations (including any such rights) shall be or shall have been deemed to have been legal and valid, any law or any regulation of the company to the contrary not withstanding and any shares, stock, debentures, deben- tures stock, annuities or other obligations so purchased may from time to time be re-issued by the company.

(3.) The transfer on sale by such Custodian of any property shall be conclusive evidence in favour of the purchaser and of such Custodian that the requirements of this section have been complied with.