896
Notice of
purchase and re-sale of lands of
company to be given.
Prohibition against purchase of other lands and against trading, but
accept land and personal
property as security for
ORDINANCE No. 5 of 1866.
Hongkong and Shanghae Bank.
19. It shall not be lawful for the company to make any purchase of messuages, lands or hereditaments in the Colony or elsewhere, beyond the annual value of thirty thousand dollars at the time of acquiring the same, or of such further annual value as shall be sanctioned by the Governor and when and as any such purchase shall be made by the company, the directors of the company shall, in all cases, within three calendar months from the making and completing of any such purchase report the same in writing to the Governor, stating the amount of the purchase money paid for the same and giving a description of the lands and hereditaments so purchased, and such other particulars relating thereto as may from time to time be required by the Governor; and in case any hereditaments so purchased be re-sold by the company, they shall within fourteen days after every such sale, give notice in writing to the Colonial Secretary of the Colony of such re-sale, and of the price obtained for the same.
20. Except for the purposes aforesaid it shall not be lawful for the company to invest, lay out, employ, advance, or embark any part of their capital or funds in the purchase of any lands, houses, or other real property, nor in any trading or mercantile speculation or business whatsoever (not usually considered as falling within the ordinary and legitimate purposes and operations of a banking establishment), but it shall nevertheless be lawful for the company to take and accept any lands, houses, or other real or personal property in satisfaction, liquidation or payment of any debt absolutely and bona fide previously due and owing to the company, and also to take any mortgage or other lien or charge on real or personal property as a security for any monies actually and bona fide previously due to the company, or for which any person or persons may have rendered himself or themselves liable to the company, and to hold such lands, houses, and other real and personal property respectively, for such reasonable time as shall be necessary for selling and disposing of and converting the same into money.
Power to company to sell and convert land or property taken as security.
21. It shall be lawful for the company to sell, dispose of, and convert into money, any goods, wares, or merchandize, which shall or may be taken by them in satisfaction, liquidation or payment of any debt: And also to sell and convey any lands, houses, and other real property whatsoever, goods, wares, or merchandize, which they shall or may have acquired in manner aforesaid.
896
Notice of
purchase and re-sale of lands of
company to be given.
Prohibition against purchase of other lands and against tradling, but
accept land and personal
property as security for
ORDINANCE No. 5 of 1866.
Hongkong and Shanghae Bank.
19. It shall not be lawful for the company to make any purchase of messuages, lands or hereditaments in the Colony or elsewhere, beyond the annual value of thirty thousand dollars at the time of acquiring the same, or of such further annual value as shall be sanctioned by the Governor and when and as any such purchase shall be made by the company, the directors of the company shall, in all cases, within three calendar months from the making and completing of any such purchase report the same in writing to the Governor, stating the amount of the purchase money paid for the same and giving a description of the lands and hereditaments so purchased, and such other particulars relating thereto as may from time to time be required by the Governor; and in case any hereditaments so purchased be re-sold by the company, they shall within fourteen days after every such sale, give notice in writing to the Colonial Secretary of the Colony of such re-sale, and of the price obtained for the same.
20. Except for the purposes aforesaid it shall not be lawful for the company to invest, lay out, employ, advance, or embark any part of their capital or funds in the purchase of any lands, houses, or other real with power to property, nor in any trading or mercantile speculation or business what- soever (not usually considered as falling within the ordinary and legitimate purposes and operations of a banking establishment), but it shall never- monies owing theless be lawful for the company to take and accept any lands, houses, or other real or personal property in satisfaction, liquidation or payment of any debt absolutely and bona fide previously due and owing to the com- pany, and also to take any mortgage or other lien or charge on real or personal property as a security for any monies actually and bona fide pre- viously due to the company, or for which any person or persons may have rendered himself or themselves liable to the company, and to hold such lands, houses, and other real and personal property respectively, for such reasonable time as shall be necessary for selling and disposing of and con- verting the same into money.
Power to company to sell and convert land or property taken as security.
21. It shall be lawful for the company to sell, dispose of, and convert into money, any goods, wares, or merchandize, which shall or may be taken by them in satisfaction, liquidation or payment of any debt: And also to sell and convey any lands, houses, and other real property whatsoever, goods, wares, or merchandize, which they shall or may have acquired in manner aforesaid.
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