Hongkong and Shanghai Bank.
(2) All contracts made according to this section shall be effectual in law and shall bind the bank and its successors and all other parties thereto, their heirs, executors, administrators or assigns or successors, as the case may be.
14. A bill of exchange or promissory note shall be deemed to have been made, accepted or indorsed on behalf of the bank if made, accepted or indorsed in the name of or by or on behalf or on account of the bank by any person acting under its authority.
15. The bank 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 bank appears as drawer or acceptor, either on his individual or separate account, or jointly with any partner, or otherwise than as a director or officer of the bank to an amount exceeding one-tenth of the amount of the sum for the time being under discount or advanced by the bank, nor shall any director be allowed to obtain credit on his own personal guarantee.
16. The total amount of the debts and liabilities of the bank of what nature or kind soever shall not at any time exceed the aggregate amount of the then existing bona fide assets and property of the bank and the sum for which its shareholders are liable under the provisions herein contained.
[CAP. 70
Bills of promissory exchange and notes.
accommoda- Limit of tion to and officers.
directors
Limit of debts and liabilities.
and applica-
17. (1) Subject as hereinafter mentioned, the bank may Winding-up be wound up by the Court, and all the provisions of the tion. Companies Ordinance, with respect to the winding-up of (Cap. 32.) companies registered thereunder shall apply to the bank as if expressly re-enacted in this Ordinance, save and except in such respects as the same may be altered or modified as hereafter mentioned or provided for.
(2) The circumstances under which the bank may be wound up are as follows-
(a) in the event of the bank being dissolved or ceasing to carry on business or carrying on business only for the purpose of winding-up its affairs; or (b) whenever the bank is unable to pay its debts; or
471
Hongkong and Shanghai Bank.
(2) All contracts made according to this section shall be effectual in law and shall bind the bank and its successors and all other parties thereto, their heirs, executors, administrators or assigns or successors, as the case may be.
14. A bill of exchange or promissory note shall be deemed to have been made, accepted or indorsed on behalf of the bank if made, accepted or indorsed in the name of or by or on behalf or on account of the bank by any person acting under its authority.
15. The bank 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 bank appears as drawer or acceptor, either on his individual or separate account, or jointly with any partner, or otherwise than as a director or officer of the bank to an amount exceeding one-tenth of the amount of the sum for the time being under discount or advanced by the bank, nor shall any director be allowed to obtain credit on his own personal guarantee.
16. The total amount of the debts and liabilities of the bank of what nature or kind soever shall not at any time exceed the aggregate amount of the then existing bona fide assets and property of the bank and the sum for which its shareholders are liable under the provisions herein contained.
[CAP. 70
Bills of promissory
exchange and
notes.
accommoda-
Limit of tion to and officers.
directors
Limit of
debts and
liabilities.
and applica-
17. (1) Subject as hereinafter mentioned, the bank may Winding-up be wound up by the Court, and all the provisions of the tion. Companies Ordinance, with respect to the winding-up of (Cap. 32.) companies registered thereunder shall apply to the bank as if expressly re-enacted in this Ordinance, save and except in such respects as the same may be altered or modified as hereafter mentioned or provided for.
(2) The circumstances under which the bank may wound up are as follows-
be
(a) in the event of the bank being dissolved or ceasing to carry on business or carrying on business only for the purpose of winding-up its affairs; or (b) whenever the bank is unable to pay its debts; or
471
#
No comments yet.
Private notes are available after approval.