ORDINANCE No. 5 of 1866.
Hongkong and Shanghae Bank.
14. The total amount of the debts and liabilities of the company of what nature or kind soever shall not at any time exceed the aggregate amount of the then existing bonâ fide assets and property of the company, and the sum for which its shareholders are liable under the provisions herein contained.
15. If at any time there shall be a suspension of payment of any of the notes or bills of the company, it shall not be lawful for the said company from and after the commencement, and during the continuance, of such suspension of payment, to make any fresh issue of notes or bills.
16. The company shall not discount, or in any manner advance money upon bills of exchange, promissory notes or other negotiable paper, in or upon which the name of any director, or officer, of the company, shall appear as drawer, or acceptor, either on his individual or separate account, or jointly with any partner or partners, or otherwise than as a director or officer of the company, to an amount exceeding one third of the amount of the sum for the time being under discount, or advanced by the company, nor shall any director be allowed to obtain credit on his own personal guarantee.
17. It shall be lawful for the company notwithstanding the Statutes of Mortmain or any other statutes or laws to the contrary, to purchase, hold, take, and enjoy to them and their successors, such houses, offices, buildings, lands and hereditaments, as shall or may be thought necessary or proper for the purpose of managing, conducting, and carrying on the affairs, concerns, and business of the company, but not for the purpose of speculation, or any other purpose than as aforesaid, and so as no such houses, offices, buildings or land shall be more than the yearly value of thirty thousand dollars at the time of acquiring the same, or of such further yearly value as shall be sanctioned by the Governor and to sell, convey, and dispose of the said property or any portion or part thereof, when not wanted for the purposes of the said business.
Limit of total liabilities.
debts and
In event of payment, no take place.
suspension of
fresh issue to
Limit of ac-
commodation to directors.
Power to the company to
hold lands subject to
and buildings
certain restrictions.
Power to other parties
lands in mortmain to company.
18. All and every person and persons, and bodies, politic and corporate who are or shall be otherwise competent, shall be and are hereby authorized and empowered to grant, sell alien and convey in mortmain unto, and to the use of, the company and their successors, any such houses, offices, lands, and other hereditaments whatsoever as aforesaid accordingly.
ORDINANCE No. 5 of 1866.
Hongkong and Shanghae Bank.
14. The total amount of the debts and liabilities of the company of what nature or kind soever shall not at any time exceed the aggregate amount of the then existing bonâ fide assets and property of the company, and the sum for which its shareholders are liable under the provisions herein contained.
15. If at any time there shall be a suspension of payment of any of. the notes or bills of the company, it shall not be lawful for the said company from and after the commencement, and during the continuance, of such suspension of payment, to make any fresh issue of notes or bills.
16. The company shall not discount, or in any manner advance money upon bills of exchange, promissory notes or other negotiable paper, in or upon which the name of any director, or officer, of the company, shall appear as drawer, or acceptor, either on his individual or separate account, or jointly with any partner or partners, or otherwise than as a director or officer of the company, to an amount exceeding one third of the amount of the sum for the time being under discount, or advanced by the company, nor shall any director be allowed to obtain credit on his own personal guarantee.
17. It shall be lawful for the company notwithstanding the Statutes of Mortmain or any other statutes or laws to the contrary, to purchase, hold, take, and enjoy to them and their successors, such houses, offices, buildings, lands and hereditaments, as shall or may be thought necessary or proper for the purpose of managing, conducting, and carrying on the affairs, concerns, and business of the company, but not for the purpose of speculation, or any other purpose than as aforesaid, and so as no such houses, offices, buildings or land shall be more than the yearly value of thirty thousand dollars at the time of acquiring the same, or of such further yearly value as shall be sanctioned by the Governor and to sell, convey, and dispose of the said property or any portion or part thereof, when not wanted for the purposes of the said business.
Limit of total liabilities.
debts and
In event of payment, no take place.
suspension of
fresh issue to
Limit of ac-
commodation
to directors.
Power to the company to
hold lands subject to
and buildings
certain restrictions.
Power to other parties
lands in mortmain to company.
18. All and every person and persons, and bodies, politic and corporate who are or shall be otherwise competent, shall be and are hereby to convey authorized and empowered to grant, sell alien and convey in mortmain unto, and to the use of, the company and their successors, any such houses, offices, lands, and other hereditaments whatsoever as aforesaid accordingly.
No comments yet.
Private notes are available after approval.