1656 ORDINANCE No. 21 OF 1882 .
Hongkong and Shanghai Bank.
12. It shall be lawful for the company to make issue and circu
late bills and notes of the company payable to bearer on
demand at the place of issue and in coin lawfully current at
such place, and to re- issue the same from the place at which
the same were originally issued.
Without prejudice to the conditional privilege now
possessed by the company of issuing and reissuing from the
head office a limited number of notes of smaller amount
subject to their unconditional withdrawal from circulation
should the Government of the Colony decide to issue small
notes of lower denomination than $ 5 , no such bills or notes
shall hereafter be issued for any other sum than the sum of
five dollars or some multiple of such sum, or other equi
valent amount. All such bills or notes issued in any Colony
or other place from any establishment of the company not
being the principal establishment of the company in such
Colony or place shall be made payable not only at the
establishment from which the same were issued but also at
the principal establishment of the company in such Colony
or place.
Nothing herein contained shall exempt the company
from the operation of any existing or future laws restrict
ing or regulating the issue of notes in the Colony or in any
place outside the Colony where they have or may hereafter
with such consent as aforesaid establish banks or branch
banks .
The shareholders of the company shall be subject to
unlimited liability in respect of all or any such issues or
issue of bills or notes, and in case the general assets of the
company are, in the event of the company being wound up,
insufficient to satisfy the claims of both the note -holders
and the general creditors, then the shareholders of the com
pany after satisfying the remaining demands of the note
holders shall be liable to contribute towards payment of
the debts of the general creditors a sum equal to the amount
received by the note - holders out of the general assets of
the company.
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