HONGKONG AND SHANGHAI BANKING CORPORATION ORDINANCE, 1899

HONGKONG AND SHANGHAI BANKING CORPORATION ORDINANCE, 1899

Ordinance no . 1 of 1899.

Hongkong and Shanghai Banking Corporation

An Ordinance to amend the hongkong and shanghai
banking corporation ordinance, 1866.
[13th February, 1899]
be it enacted by the governor of hongkong, with the advice and
consent of the legislative council thereof , as follows:
1-(1) this ordinance may be cited as the hongkong and shanghai
banking corporation ordinance, 1899.
(2) this ordinance shall be read and construed as one wiht the
hongkong and shanghai banking corporation ordinance , 1866, here-
inafter referred to as the principal ordinacne , an dthe ordinance
amending the same , namely , the hongkong and shanghai banking
corporation ordinance , 1887, and the tree ordinances may be cited as
the hongkong and shanghai banking corporation ordiannces , 1866.
to 1899. 2. the company shall at alll times keep deposited , either with the
crown agents for the colonies in london , or wiht trustees to be
appointed by the secretary of stated for the colonies, or parly with
such crown agents and partly wiht such trustee, coin of denominations
to be qpproved by the secretary of state for the colonies , or securities
to be so approved, or partly such coin and partly such securities to be
to one-third of the total paid-up capital of the company, namely , ten
million dollars , such coin or securities or such coin and securities to be
held by the said crown agents or by the said trustees, separartely or
joinly , as special funds exclusively available for the redemption of the
bills and nots payable to bearer on demand issued by the company,
and , in the event of the company becoming insolvent , to be applied
accordingly as far as may be neccessary , but wihtout prejudice to the
rights of hte holders of such bills and notes to rank with other creditors
of the comjpany against teh assets fo the company.
3.notwihtstanding the restriction imposed by section 13 of the
principal ordinance upon the total number of the bills and notes of the
company payable to hearer on demand actually in circulation , bills and
notes of the company payable to bearer on demand may , for the period
of one year from the 31st day of july ,1898, be issued and be in actual
circulation to an amount in excess of the capital of the company actually
paid up,if there has been specially deposited and bullion equal to the whole
value of such excess issue for the time being actually in circulation , to
be held by the said colonial secretary and colonial treasurer exclusively
for the redemption of suhc bills and notes , whenever the same may have
been issued.
A.D.1899. Ordinance No. 1 of 1899.
Short title and construction.
No. 2 of 1866.
No. 5 of 1887.
Security required from Hongkong and Shanghai Banking Corporation in respect of its ordinary note issue.
Excess note issue permitted under certain conditions.
See Ordinance No. 5 of 1900.

A.D.1899. Ordinance No. 1 of 1899.
Short title and construction.
No. 2 of 1866.
No. 5 of 1887.
Security required from Hongkong and Shanghai Banking Corporation in respect of its ordinary note issue.
Excess note issue permitted under certain conditions.
See Ordinance No. 5 of 1900.

https://oelawhk.lib.hku.hk/items/show/714

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