CHINA TRADERS' INSURANCE COMPANY ORDINANCE

CHINA TRADERS' INSURANCE COMPANY ORDINANCE

Shares maybe
-divided into
shares of smaller
&mount.

ORDINANCE No. 4 of 1876.

China Traders' Insurance Company.

No. 4 0f 18'6.

Title An Ordinance to authorise 'The China Traders' Insurance Company,
Limited,' to sub-divide its shares.

[22nd April, 1$76.
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, 18f>5,' 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, anda 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 Oovernor of Hongkong, with the advice of the Legislative Council
thereof, as
follows:-

1n, In the interpretation of this Ordinance, the expression 11 The
Company ' shall
mean '° Tho China Traders' Insurance Company, Limited.'
2. It shall be lawful for the Company, by special resolution, to modify
the
conditions contained in its.Memorandum of Association so as by
sub-division of its
shares or any of there 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 bp,tween the amount which is paid,
and 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 o£ reduced
amount is derived.

Special resolution $. The statement of the number and amount of the shares
into which the capital
to be embodied
in Memorandum of ho Company is divided contained in every copy of the
Memorandum of Association.
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
wh=ich 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. .411 such penalties may be recovered before a Magistrate in a
summary wad,
=4.` This Ordinance shall cozue into force on such day as shall be
hereafter figed-by:
proclamation under the hand of the Governor.

[.11 ezer, in force disallowed in C.O.D. No. 97, 25th July; 2876:
aRepealed by
Ordinance .Yo. .T of 1&77.]
1422
Title.
Preamble.
Interpretation.
Shares may be divided into shares of smaller amount.
Special resolution to be embodied in Memorandum of Association.

1422
Title.
Preamble.
Interpretation.
Shares may be divided into shares of smaller amount.
Special resolution to be embodied in Memorandum of Association.

https://oelawhk.lib.hku.hk/items/show/356

1890

v3

No. 4 of 1876

1