The first general meeting of the Hankow Race Club and Recreation Ground Company was held at the Hankow Club on Monday, the 9th October, Mr. H. E. Ramsay presiding. The chairman said in the Annual Report for 1901 it was mentioned that the trustees had intimated to the Race Club that it was about time they took over the full management of their property themselves and the Committee pointed out this meant the incorporation of the Club in legal form and the raising of debentures to the extent of say $50,000. This had been constantly before the Committee since that time, and now, thanks to the great trouble taken by the Honorary Secretary, Mr. Pearce, the matter had' been brought to a satisfactory conclusion. That meeting, had been called in the first place to comply with the Hongkong Ordinances, which required the first general meeting to be held within four months of the date of the incorporation of the Company. There were also some resolutions which it was desirable to have passed.
It was decided to empower the directors to raise debentures to the amount of $50,000, bearing interest at the rate of 7 percent per annum, payable half-yearly on the 30th of June and dist of December, secured by the land and buildings comprising the property of the Club, the debentures to be redeemable at par in not less'than five years from date of issue, and thereafter at the discretion of the directors; the debenture certificates to be $100 each. It was further agreed that applications for from one to five debentures should have preference so as to give every member a chance of owning one, while trustees wishing to keep all or part of their money already advanced to the Club will have priority.
The entrance fee to the Club was raised to $25, the subscription to be $4. month, payable quarterly in advance.
17th October.
Text read from the printed page and cleaned; old type leaves the occasional error.