HONGKONG AND SHANGHAI BANK ORDINANCE AMENDMENT ORDINANCE, 1882

HONGKONG AND SHANGHAI BANK ORDINANCE AMENDMENT ORDINANCE, 1882

Hongkong and Shanghai Bank

No. 21 of 1882.

An Ordinance entitled The Hongkong and Shanghai Bank
Ordinance Amendment Ordinance, 1882.

[13th December, 1882.]

BE it enacted by the Governor of Hongkong, with the advice of the
Legislative Council thereof, as follows;--

1. Ordinance 5 of 1866 is hereby amended in manner following,
viz., Ordinance 5
by substituting for section 12 the following- section:-
- 'o. 21 of 1882:

II ongkong and Shanghai Bank.

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 mere originally issued.

Without prejudice to the conditional privilege Dow-
possessed by the compaijy 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 and Colony
or other place from' any establishment of the company not
being the principal establishment o£ the company in such
Colony, or place .shall be made payable not only at tile.
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 compaU
from the operation of any ex.isting 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 motes, and in case the general assets Of'-the
company are, in the event of the company being wound up,
IllSLlfficlE.'-ut to satisfy ~ the claims of both the rare-holders
and the general creditors, then the shareholders of the GOITI-
pany after satisfying the >'emaining demands of the note-
holders shall be liable to contribute towards payment of
the debts of theyeneral creditors a sum equal to the amount
received by the note-holders out of the general assets of
the comlaRny.
ORDINANCE No. 21of 1882.

Hongkong and Shanghai Bank.

For the purposes of this section the expression 'the
general assets of the company' means the funds available
for payment of the general creditors as well as the note-
holders;

.and by substituting for section 13 the following section:-

13. The total amount of the bills and notes of the company
payable to bearer on demand actually in circulatio'n shall
not at 'any time exceed the amount of the capital of the
company actually paid up, and there shall be kept by each.
establishment of the company.an amount of coin and bullion,
equal to one. third at least of such of the said bills and notes
as were issued from such establishment and are for the
time being in circulation.
1655

Ordinance 5 of 1866 amended.
1657

1655

Ordinance 5 of 1866 amended.
1657

https://oelawhk.lib.hku.hk/items/show/423

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No. 21 of 1882

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