1890_HONGKONG_AND_SHANGHAE_BANK_ORDINANCE — Page 6

394

Rules and regulations of

what are to be.

ORDINANCE No. 5 or 1866.

Hongkong and Shanghae Bank.

Ninth. For the yearly communication of the auditors' report, and of a balance sheet, and profit and loss accounts to every shareholder.

Tenth. For the appointment of managers, or agents, or other

officers, to perform the duties of managers or agents.

11. The provisions of this Ordinance, and the provisions to be con- the company, tained in the said deed of settlement, or in any supplemental deed to be made in pursuance thereof, or to be contained in any bye-laws to be made in pursuance of such deeds, or any of them, shall be taken to be the existing rules and regulations of the company, except so far as the same may be repugnant to the laws of the Colony, or of any ports, towns, cities or places where the company may carry on business, or to the pro- visions of this Ordinance. Provided nevertheless that no bye-law or supplemental deed that may be made, shall have any force or effect until the same shall have been approved of by the Governor and a certificate of such approval shall have been given under the hand of the Governor.

Issue of notes and bills, provi- xious as to.

Liability of shareholders to be unlimited in respect of note issue.

Limitation of issue of notes

and provision for

keeping of

reserve against

them.

12. It shall be lawful for the company to make, issue and circulate notes or bills payable to bearer on demand in coin lawfully current in the Colony and to re-issue the same: Provided that no such notes shall be issued for any other sums than the sum of five dollars, or some multiple of such sum, or other equivalent amount, unless the issuing of notes of other amounts shall be sanctioned by the Governor: Provided also that nothing herein contained shall exempt the company from the operation of any existing or future laws of the Colony or of any port, city, town, or place beyond the limits of the Colony where they may with such consent as aforesaid establish bank or branch banks, restricting or regulating the issue of such notes, by banks established therein. And provided also that the shareholders of the company shall be subject to unlimited liability in respect of all or any such issues or issue of notes, and, if neces sary, the assets of the company shall be marshalled for the benefit of the general creditors of the company and the shareholders shall be liable for the whole amount of such issue, in addition to the sum for which they are liable under the other and general provisions of this Ordinance. [Repealed by Ordinance No. 21 of 1882 and new section substituted.]

13. 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 always be kept by the principal establishment in the Colony, an amount of coin and bullion equal to one-third at least of the notes and bills of the company for the time being in circulation. [Repealed by Ordinance No. 21 of 1882 and new section substituted.]

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