THE HONGKONG GOVERNMENT GAZETTE, 11TH MARCH, 1882.
the total amount of the bills and notes of the Corporation issued everywhere, pay- Total amount. able to bearer on demand, actually in circulation everywhere, shall not, at any time, exceed the amount of the capital of the Corporation actually paid up; and
281
there shall always be kept by the branch bank in each Settlement an amount of Reserve of coin, ac. coin and bullion equal to one-third at least of the notes and bills of the Corporation for
the time being in circulation in the Settlement.
If, at any time, there shall be a suspension of payment of any of the notes or bills Suspension. of the Corporation at any of its places of business, it shall not be lawful for the Corporation, from and after the suspension, and during the continuance of such suspension of pay- ment, to make any fresh issue or re-issue of such notes or bills in the Colony.
notes.
The Corporation shall not be entitled to limited liability in respect of such notes, Liability on Bank and the members thereof shall continue liable in respect of its notes in the same manner as if it had been registered as an unlimited company; but in case the general assets of the company are, in the event of the company being wound up, insufficient to satisfy the claims of both the note-holders and the general creditors, then the members, after satisfying the remaining demands of the note-holders, shall be liable to contribute towards payment of the debts of the general creditors a sum equal to the amount received by the note-holders out of the general assets of the company.
For the purposes of this section, the expression "the general assets of the company " Interpretation. means the funds available for payment of the general creditor, as well as the note-holder.
Nothing herein contained shall exempt the Corporation from the operation of any Saving clanse. laws to be passed in the Colony.relating to the issue of bank notes, and applicable to all other banks issuing such notes in the Colony.
4. Once every month, and so often otherwise as the Governor may direct, the Monthly statement manager, agent, or other person conducting the business of the said Corporation at each of issue and reserve. Settlement, shall make out and forward to the office of the Colonial Secretary, for publication in the Government Gazette, a return verified, as in the form in the schedule, showing the amount and value of notes and bills payable to the bearer on demand in circulation during the month, and showing the amount of coin and bullion, kept in the branch bank at the Settlement to meet the said notes.
Any person whose duty it is to furnish such returns, neglecting to furnish the renalty. same, or furnishing false returns, shall be guilty of an offence under sections 176 or 177 of the Penal Code, as the case may be.
5. This Ordinance may be cited as "The Hongkong and Shanghai Bank Ordinance, Short title. 1881," and shall come into operation, at all or any of the Settlements, at such time as the Governor may, by Order in Council, direct for the several Settlements.
Passed this 22nd day of November, 1881.
A. P. TALBOT, Acting Clerk of Councils.
SCHEDULE.
Return of Bank Notes of the Hongkong and Shanghai Banking Corporation in circulation at [Singapore], for the month of
188 and the coin or bullion in the Bank at
[Singapore] to meet the same.
*
J
Notes in Circulation at [Singapore].
Coin and Bullion in the Bank at [Singapore],
I, A. B., [Manager] of the Hongkong and Shanghai Banking Corporation Branch Bank at [Singapore], do hereby declare that the above return is correct.
[Singapore], the
day of
188
9
Manager.
GOVERNMENT NOTIFICATION.-No. 107.
The following Particulars and Conditions of Sale of Crown Land by Public Auction, to be held on the spot, on Wednesday, the 29th day of March, 1882, at 4 P.M., are published for general information
By His Excellency's Command,
Colonial Secretary's Office, Hongkong, 11th March, 1882.
W. M. DEANE, Acting Colonial Secretary.
No comments yet.
Private notes are available after approval.