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THE HONGKONG GOVERNMENT GAZETTE, MAY 23, 1907.
Short title
from the 14th day of August 1908, until and including the 13th day of August 1929:
Be it therefore enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof as follows:-
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1. This Ordinance may be cited as the Hongkong and and construc- Shanghai Banking Corporation Ordinance 1907, (and shall he read together with and be construed as one Ordinance with the Principal Ordinance).
tion.
Power to fur-
2. It shall be lawful for the Company, notwithstanding ther increase anything contained in section 22 of the Principal Ordinance, capital under
or in the Deed of Settlement therein mentioned, from time certain con- ditions. 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 ( Extraordinary) Meet- ing 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 conditious and provisions as he may think fit, such consent being evidenced by a notification or 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: Provided that whenever and so often as any further capital is raised then a notification or proclamation to that effect, under the hand of the Governor, shall be published in the Gazette, and the present capital of Ten Millions of Dollars, together with such further capital shall thenceforth be taken to be the fixed capital of the Company, but with power neverthe- less to further increase such captial from time to time as is herein provided: Provided Always and it is hereby ex- pressly declared that, notwithstanding the provisions of sec- tion 13 of the Principal Ordinance, nothing herein contained shall authorise or empower the Company to issue bills and notes of the Company payable to bearer on demand to au amount exceeding the sum of Ten Millious of Dollars, being the amount of the capital of the Company actually paid up ou the first day of January 1907, without first depositing and at all times keeping deposited either with the Crown Agents for the Colonies in London, or at the option of the Company (to be exercised at all times) with Trustees to be appointed by the Secretary of State for the Colonies, or at the like option partly, with such Crown Agents and partly with such Trustees, coin of denomina- tions to be approved by the Secretary of State for the Colonies, or securities to be so approved, or partly such coin and partly such securities to an amount equal in value to such increase of capital, 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 such increase issue of bills and notes by the Company payable to bearer on demand, and in the event of the Company becoming in- solvent to be applied accordingly as far as may be necessary, 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.
Continuance
for the fur-
3. The Company shall continue incorporated and shall ther term of carry on the business of banking under the provisions and conditions contained in the Principal Ordinance as hereby amended for the further term of 21 years commencing from and including the 14th day of August, 1908.
21 years of the Hong- kong and Shanghai Banking Corporation
Ordinance, 1866.
Excess note
ted under
certain con- ditions.
4. All the provisions of section 3 of the Hongkong and issue permit- Shanghai Banking Corporation Ordinance, 1899, are hereby continued for the following further period, namely from and including the 14th day of August, 1908, to and including the 13th day of August, 1929: Provided nevertheless that nothing herein contained shall exempt the Company 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 Company has or may hereafter establish banks or branch banks.
Printed and Published by NORONHA & Co., Printers to the Hongkong Government.
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