6561-1907-Advertisements — Page 5

THE HONGKONG GOVERNMENT GAZETTE, MAY 23, 1907.

the creation and sale of new shares, in the manner therein provided, and so as the total amount of the capital of the Company should not exceed the sum of Ten Millions of Dollars; And Whereas it is expedient to authorise the Company from time to time to extend or increase its capital for the time being by the creation and sale of new shares so as the same is made with the consent of a General (Ex- traordinary) Meeting of the shareholders of the Company to be specially called for that purpose and with the consent previously obtained of the Governor, and under such con- ditions and provisions as he may think fit, such consent being evidenced by a notification of proclamation to that effect under the hand of the Governor and published in the Gazette, and so as the total amount of the capital of the Company shall not exceed the sum of Twenty Millions of Dollars; And Whereas by section 4 of the Principal Ordin- ance it was enacted that the Company should be established for the purpose of carrying on, under the management of a Court of Directors, the business of banking for the term of 21 years, commencing from the date of that Ordinance; And Whereas by section 29 of the Principal Ordinance it was enacted that, on the determination of the said term of 21 years from the date of the Principal Ordinance the powers and privileges thereinbefore conferred on the Company should cease, unless the Governor, with the advice of the Legislative Council of the Colony should declare to the contrary, and by an Ordinance to that effect authorise the Company to continue incorporated under the aforesaid provisions for a further term of ten years, or for such period and under such provisions and conditions as might be con- tained in such Ordinance; And Whereas by section 2 of the Hongkong and Shanghai Banking Corporation Ordinance 1887, it was enacted that the Company should continue incorporated and should carry ou the business of banking under the provisions and conditions contained in the Prin- cipal Ordinance for the further term of 21 years commencing from the 14th day of August, 1887; And Whereas it is ex- pedient to authorise the Company to continue incorporated under the provisions of the Principal Ordinance for an additional and further term of 21 years commencing from the expiry of the said further term of 21 years; And Where- as by section 13 of the Principal Ordinance it was enacted that the total amount of bills and notes of the Company payable to bearer on demand, actually in circulation, should not at any time exceed the amount of the capital of the Company actually paid up, and there should be kept by each establishment of the Company an amount of coin and bullion equal to one-third at least of such of the said bills and notes as were issued from such establishment and were for the time being in circulation; And Whereas by section 3 of the Hongkong and Shanghai Banking Corporation Ordin- ance, 1899, it was enacted that, notwithstanding the restric- tion imposed by section 13 of the Principal Ordinance upon the total number of the bills and notes of the Company payable to bearer on demand actually in circulation, bills and notes of the Company payable to bearer on demand might, 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 had been specially deposited and was 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 redemption of such bills and notes wherever the same might have been issued; And Whereas by section 2 of the Hongkong and Shanghai Banking Corporation, (Excess Note Issue), Ordinance 1900, it was enacted that all the provisions of section 3 of the Hongkong and Shanghai Banking Corporation Ordinance 1899, were thereby con- tinued for the following further period, namely from the 31st day of July 1899, until and including the 13th day of August 1908; Provided nevertheless that nothing therein contained should exempt the Hongkong and Shanghai Banking Corporation from the operation of any existing or future laws restricting or regulating the issue of bills or notes in the Colony or in any place outside the Colony where the Hongkong and Shanghai Banking Corporation had or might thereafter establish banks or branch banks; And Whereas it is expedient that the powers and provisions conferred by section 3 of the Hongkong and Shanghai Banking Corporation Ordinance 1899, be further continued

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