1890_COMPANIES_ORDINANCE__1881 — Page 1

1596

See Ordi nances No. 1 of 1865, Nos. 2 & 3 of 1860, No. 1 of 1877, No. 3 of 1883, No. 30 of 1886 & No. 25 of 1800.]

Ordinance

not to apply

to banks.

Ordinance to

be construed

with the

Companies Ordinances 1865, 1866 and 1867.

Registration anew of com- pany with limited liabi- lity.

Rese ve capit il of

company how provi led.

ORDINANCE No. 14 OF 1881.

Companies.

No. 14 of 1881.

An Ordinance entitled the "Companies Ordinance, 1881."

BE

[29th August, 1881.]

E it enacted by the Governor of Hongkong, with the advice of the

Legislative Council thereof, as follows:-

1. This Ordinance shall not apply to banking companies.

2. This Ordinance shall so far as is consistent with the tenor thereof be construed as one with the Companies Ordinance, 1865, the Companies Ordinance, 1866, and the Companies Ordinance, 1877, and those Ordi- nances together with this Ordinance may be referred to as the Companies Ordinances 1865 to 1881.

3. Subject as in this Ordinance mentioned any company registered before or after the passing of this Ordinance as an unlimited company may register under the Companies Ordinances 1865 to 1881 as a limited company, or any company already registered as a limited company may re-register under the provisions of this Ordinance.

The registration of an unlimited company as a limited company in pursuance of this Ordinance shall not affect or prejudice any debts, liabi- lities, obligations or contracts incurred or entered into by, to, with, or on behalf of such company, prior to such registration as aforesaid, and such debts, liabilities, contracts and obligations may be enforced in manner provided by the Companies Ordinance, 1866, in the case of a company registering in pursuance of that Ordinance or otherwise.

4. An unlimited company may by the resolution passed by the members when assenting to registration as a limited company under the Companies Ordinances 1865 to 1880, and for the

of such regis- tration or otherwise increase the nominal amount of its capital by increas- 'ing the nominal amount of each of its shares.

purpose

Provided that no part of such increased capital shall be capable of being called up, except in the event of and for the purposes of the com pany being wound up.

And, in cases where no such increase of nominal capital may be resolved upon, an unlimited company may, by such resolution as afore- said, provide that a portion of its uncalled capital shall not be capable of being called up except in the event of and for the purposes of the com- pany being wound up.