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THE HONGKONG GOVERNMENT GAZETTE, 15TH JANUARY, 1887.

GOVERNMENT NOTIFICATION.-No. 14.

His Excellency the Officer Administering the Government has given his assent, in the name and on behalf of the Queen, to the following Ordinances passed by the Legislative Council:—

Ordinance No. 30 of 1886.-An Ordinance enacted by the Governor of Hongkong, with the advice of the Legislative Council thereof, entitled An Ordinance

to amend the Companies Ordinances 1865 to 1886.

Ordinance No. 31 of 1886.-An Ordinance enacted by the Governor of Hongkong, with the advice of the Legislative Council thereof, entitled An Ordinance for preserving an authentic record of the Ordinances of the

Colony and for other purposes.

By Command,

Colonial Secretary's Office, Hongkong, 15th January, 1887.

FREDERICK STEWART,

Acting Colonial Secretary.

LS

W. H. MARSH.

Short title and construction.

Where com- promise proposed, Court

may order a meeting of creditors, &c., to decide as to such com- promise. [33 & 34 V. c. 104, . 2.]

Interpretation

bit. s. 3.1

No. 30 of 1886.

An Ordinance enacted by the Governor of Hong- kong, with the advice of the Legislative Council thereof, entitled An Ordinance to amend the Companies Ordinances 1865 to 1886.

[12th January, 1887.]

WHEREAS it is desirable that certain Imperial Acts

amending the law relating to joint Stock Com- panies should be introduced into the Colony: Be it enacted by the Governor of Hongkong, with the advice of the Legislative Council thereof, as follows:-

PART I,

Preliminary.

1. This Ordinance may be cited for all purposes as The Companies Ordinance, 1886 and shall so far as is consistent with the tenor thereof be construed as one with The Companies Ordinances 1865 to 1881 and all Ordinances amending the same and the said Ordinances and this Ordi- nance may be referred to as The Companies Ordinances › 1865 to 1886.

PART II.

Joint Stock Companies Arrangement.

2. Where any compromise or arrangement shall be proposed between a company which is, at the time of the passing of this Ordinance or afterwards, in the course of being wound up, either voluntarily or by or under the supervision of the Supreme Court, under The Companies Ordinances 1865 to 1886 or any of them, and the creditors of such company, or any class of such creditors, it shall be lawful for the Court, in addition to any other of its powers, on the application in a summary way of any creditor or the liquidator, to order that a meeting of such creditors or class of creditors shall be summoned in such manner as the Court shall direct, and if a majority in number repre- senting three fourths in value of such creditors or class of creditors present either in person or by proxy at such meeting shall agree to any arrangement or compromise, such arrangement or compromise shall, if sanctioned by an order of the Court, be binding on all such creditors or class of creditors, as the case may be, and also on the liquidator and contributories of the said company.

3. The word company in the last section shall mean any company liable to be wound up under The Companies Ordinance, 1865.