1890_HONGKONG_AND_SHANGHAE_BANK_ORDINANCE — Page 3

ORDINANCE No. 5 OF 1866.

Hongkong and Shanghae Bank,

**

891

company to carry on banking business for twenty-one years.

*Extended to a further term of 21 years by Or- dinance No. 15 of 1887.]

4. The company is and shall be established for the purpose of Power to the carrying on under the

under the management of a court of directors the business of banking for the term of twenty-one years, commen- cing from the day of the date of this Ordinance, in the Colony : [Provided always that nothing herein contained shall restrict the said company, with the consent of the commissioners for the time being for executing the office of Lord High Treasurer in England, from establishing any banks or branch banks at London or at any port, town, city or place in India, Penang and Singapore, or in the dominions of the Emperor of China, or of the Tycoon of Japan, in or at which any British Consulate or Vice-Consulate is or may be hereafter established, and also without such consent as aforesaid from establishing at London or any such port, town, city or place as aforesaid, agencies for exchange, deposit and remittance. Repealed by Ordinance No. 29 of 1889 and new proviso added.*]

5. The capital of the company shall consist of five millions of dollars divided into forty thousand shares of one hundred and twenty-five dollars each, and such further capital not exceeding two millions five hundred thousand dollars, as the directors for the time being shall deem necessary for the purposes of the said undertaking: And for the creation of which they shall have previously obtained the consent of the Governor, such consent being signified in writing under the hand of the Governor; but such further capital shall be divided into shares of one hundred and twenty-five dollars each and be paid up in full as hereinafter mentioned. And until such further capital be raised as aforesaid, the aforesaid sum of five millions of dollars shall be taken to be the fixed capital of the company-And when ever and so often as any further capital shall have been raised then a notification or proclamation to that effect under the hand of the Governor shall be published in the Hongkong Government Gazette, and the said sum of five millions of dollars together with such further capital, shall thenceforth be taken to be the fixed capital of the company, but with power, nevertheless, to further increase such capital as hereinafter mentioned.

6. It shall not be lawful for the company to commence or carry on the said business of banking, until it shall be inade to appear to the satis- faction of the Governor that the whole of the aforesaid capital of five millions of dollars has been subscribed for by deed, under hand and seal; and that one-half (at the least) of such sum of five millions of dollars has been actually paid up, such satisfaction to be evidenced by a notification

[*Proclamation of 25th January, 1890:

See Gazelle of

same date.]

Capital and capital.

increase of

Prohibition of commence- ment of com- pany until capital sub- scribed and. half paid up.