the-ordinances-of-the-legislative-counci-1890v3 — Page 139

1422 ORDINANCE No. 4 OF 1876 .


China Traders' Insurance Company.


No. 4 of 1876 .
Title An Ordinance to authorise " The China Traders' Insurance Company,
Limited ," to sub-divide its shares .

[ 22nd April, 1876. ]
Preamble. HEREAS " The China Traders' Insurance Company, Limited" is a public
W company duly incorporated and limited by shares under the provisions of

the "The Companies Ordinance, 1865 ," and whereas the Memorandum of Association
of the said Company provides that the capital of the Company is one million of dollars
divided into two hundred shares of five thousand dollars each, and whereas the whole
of the said shares have been issued , and the sum of one thousand dollars has been
paid up on each share , and a further call of five hundred dollars upon each share has
been made, and whereas the said Company has found that shares of five thousand
dollars each are too large to be readily marketable, and the Company is therefore
desirous of sub-dividing the existing shares into shares of smaller amount, and whereas
the said Company in order to effectuate its desire has applied to have the necessary
powers therefor conferred upon it by means of this Ordinance : Be it therefore enacted
by the Governor of Hongkong, with the advice of the Legislative Council thereof, as
follows :

Interpretation. 1. In the interpretation of this Ordinance, the expression " The Company " shall
mean " The China Traders' Insurance Company, Limited."

Shares may be 2. It shall be lawful for the Company, by special resolution, to modify the
divided into
shares of smaller
amonnt. conditions contained in its Memorandum of Association so as by sub- division of its
shares or any of them to divide its capital or any part thereof into shares of any
amount not less than fifteen hundred dollars each provided that in the sub- division of
the existing shares, the proportion between the amount which is paid, aud the amount
which is unpaid on each share of reduced amount shall be the same as it was in the
case of the existing share or shares, from which the share of reduced amount is derived .

Special resolution 3. The statement of the number and amount of the shares into which the capital
to be embodied
in Memorandum
of Association. of the Company is divided contained in every copy of the Memorandum of Association
issued after the passing of any such special resolution, shall be in accordance with such
resolution, and if the Company make default in complying with the provisions of this
section, it shall incur a penalty not exceeding five dollars for each copy in respect of
which such default is made, and every Director, Manager and Secretary of the Company
who knowingly or wilfully authorises or permits such default shall incur the like
penalty . All such penalties may be recovered before a Magistrate in a summary way.

4. This Ordinance shall come into force on such day as shall be hereafter fixed by
proclamation under the hand of the Governor.


[Never in force disallowed in C.O.D. No. 97, 25th July, 1876: Repealed by
Ordinance No. 1 of 1877.]