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THE HONGKONG GOVERNMENT GAZETTE, 23RD DECEMBER, 1882.

[L.S. T

W. H. MARSH,

The Officer Administering the Government.

No. 21 OF 1882.

An Ordinance enacted by the Governor of Hong- kong, with the advice of the Legislative Council thereof, entitled The Hongkong and Shanghai Bank Ordinance Amendment Ordinance, 1882.

[13th December, 1882.]

BE it enacted by the Governor of Hongkong, with the

advice of the Legislative Council thereof, as follows:- 1. Ordinance 5 of 1866 is hereby amended in manner following, viz., by substituting for section 12 the following section:-

XII. It shall be lawful for the Company to make issue and circulate Bills and Notes of the Company payable to Bearer on demand at the place of issue and in Coin lawfully current at such place, and to re-issue the same from the place at which the same were originally issued.

Without prejudice to the conditional privilege now possessed by the Company of issuing and re- issuing from the Head Office a limited number of Notes of smaller amount subject to their uncon- ditional withdrawal from circulation should the Government of the Colony decide to issue Small Notes of lower denomination than $5, no such Bills or Notes shall hereafter be issued for any other sum than the sum of Five dollars or some multiple of such sum, or other equivalent amount. All such Bills or Notes issued in any Colony or other place from any establishment of the Com- pany not being the principal establishment of the Company in such Colony or place shall be made payable not only at the establishment from which the same were issued but also at the principal establishment of the Company in such Colony or place.

Nothing herein contained shall exempt the Company from the operation of any existing or future laws restricting or regulating the issue of Notes in the Colony or in any place outside the Colony where they have or may hereafter with such consent as aforesaid establish Banks or Branch Banks.

The Shareholders of the Company shall be subject to unlimited liability in respect of all or any such issues or issue of Bills or Notes, and in case the general Assets of the Company are, in the event of the Company being wound up, in- sufficient to satisfy the claims of both the Nore- holders and the general Creditors, then the Share- holders of the Company after satisfying the re- maining 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.

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For the purposes of this section the expression "the general Assets of the Company' means the funds available for payment of the general Cre- ditors as well as the Note-holders;

and by substituting for section 13 the following section:-

XIII. The total amount of the Bills and Notes of the Company payable to bearer on demand actually in circulation shall not at any time exceed the amount of the Capital of the Company actually paid up, and there shall be kept by each establish- ment of the Company an amount of coin. and bul- lion equal to one-third at least of such of the said Bills and Notes as were issued from such esta- blishment and are for the time being in circulation. Passed the Legislative Council of Hongkong, this 13th day of December, 1882.

ARATHOON SETH, Clerk of Councils.

Assented to by His Excellency the Officer Administering the Government the Twentieth day of December, one thousand eight hundred and eighty-two.

FREDERICK STEWART,

Acting Colonial Secretary,

Ordinance 5 of 1866 amended.

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