892
Provision for repeal of Ordinance and rescission of incorporation of company,
Provision as to further capital.
Payment of remainder of instalments.
Deed of settlement to be signed within twelve months, and filed with Registrar of Companies.
ORDINANCE No. 5 of 1866.
Hongkong and Shanghae Bank.
or proclamation under the hand of the Governor, to be published in the said Hongkong Government Gazette.
7. Unless it shall be made to appear to the satisfaction of the Governor (to be evidenced as aforesaid), that the whole of the said capital of five millions of dollars has been subscribed, under hand and seal, before the expiration of a period of two years, to commence and be computed from the date of this Ordinance, and unless the whole of the said capital of five millions of dollars shall be actually paid up within the period of three years to be reckoned from the date of the notification or proclamation to be published as aforesaid of the payment of one half of the said capital of five millions of dollars (but so that such payment in full be not in any case delayed beyond the period of four years, to be reckoned from the date of this Ordinance), it shall be lawful for the Governor with the advice of the Legislative Council of the Colony, at any time thereafter, by an Ordinance to be passed for that purpose to repeal this Ordinance and declare that the incorporation hereby granted to the company shall cease and determine and become absolutely void.
8. Until, as hereinbefore provided for, the Governor shall so publish in the Hongkong Government Gazette a notification or proclamation under his hand, that one half of such further capital has been paid up, the company shall not be entitled, by advertisement or otherwise, to hold out to the public that the amount of its capital has been increased.
9. The remainder of the instalments on the shares constituting such further capital shall be wholly paid up within two years, to be reckoned from the date of such notification or proclamation (so to be published as aforesaid) of the payment of one half of such further capital, and that the same shall be made to appear to the satisfaction of the Governor to be evidenced as aforesaid.
10. Within twelve calendar months from the date of this Ordinance the persons who shall have subscribed for at least one half of the said capital of five millions of dollars, shall, to the satisfaction of the Governor, to be evidenced as aforesaid, enter into and execute a deed of settlement (and so as each such person so executing shall hold at least five shares in the said capital), which deed of settlement shall be filed with the Registrar of Companies within twelve calendar months from the date thereof, whereby provision shall be made for carrying on the business of the company by
892
Provision for repeal of Ordinance
and rescission
of incorpora- tion of com-
pany,
Provision as to further capital.
Payment of remainder of instalments.
Deed of settle-
ment to be signed within twelve months, and filed with Registrar of Companies.
ORDINANCE No. 5 or 1866.
Hongkong and Shanghae Bank.
or proclamation under the hand of the Governor, to be published in the said Hongkong Government Gazette.
7. Unless it shall be made to appear to the satisfaction of the Governor (to be evidenced as aforesaid), that the whole of the said capital of five millions of dollars has been subscribed, under hand and seal, before the expiration of a period of two years, to commence and be computed from the date of this Ordinance, and unless the whole of the said capital of five millions of dollars shall be actually paid up within the period of three years to be reckoned from the date of the notification or proclamation to be published as aforesaid of the payment of one half of the said capital of five millions of dollars (but so that such payment in full be not in any case delayed beyond the period of four years, to be reckoned from the date of this Ordinance), it shall be lawful for the Governor with the advice of the Legislative Council of the Colony, at any time thereafter, by an Ordinance to be passed for that purpose to repeal this Ordinance and declare that the incorporation hereby granted to the company shall cease and determine and become absolutely void.
8. Until, as hereinbefore provided for, the Governor shall so publish in the Hongkong Government Gazette a notification or proclamation under his hand, that one half of such further capital has been paid up, the com- pany
shall not be entitled, by advertisement or otherwise, to hold out to the public that the amount of its capital has been increased.
9. The remainder of the instalments on the shares constituting such further capital shall be wholly paid up within two years, to be reckoned from the date of such notification or proclamation (so to be published as aforesaid) of the payment of one half of such further capital, and that the same shall be made to appear to the satisfaction of the Governor to be evidenced as aforesaid.
10. Within twelve calendar months from the date of this Ordinance the persons who shall have subscribed for at least one half of the said capital of five millions of dollars, shall, to the satisfaction of the Governor, to be evidenced as aforesaid, enter into and execute a deed of settlement (and so as each such person so executing shall hold at least five shares in the said capital), which deed of settlement shall be filed with the Registrar of Companies within twelve calendar months from the date thereof, whereby provision shall be made for carrying on the business of the company by
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