A separate Company shall" as soon as conveniently possible be formed under the Hongkong Companies Ordinances for the purpose taking over the business assets and abilities of the Fittings Department of the Company as at the 31st December 1926, and the slanees at credit (if any) of the Company's Profit and Loss Account and Reserve Accounts on the Sist {December 1926 efter the adjust: ctively shall be applied in the distribution among the shareholders of the Company of shares. in stich separate Company, {Frovided always that the amount 0 applied shall not exceed a total of is, 241,422 and that any difference between' the surplus of the assets over the linbilitien of the Fittings {Department as shown by the books of the Company as at December 31, 1926 and the said amount of Ts.
241422 shall be adjusted by a transfer of a cash cum represent such difference from the Company to the separate Company of from the separate, Company to the Company as the case may be, provided that if a transfer of " cash sum fs necessary from the Company to the separate Company and the Council Jand the Company agree that the cash sum so transferred is insuffi. lent for the needs of the separate 'Company or if a transfer of a cash sum from the separate Company to {the Company is necessary then, and lin either event, the Company' and the separate Company may enter into such temporary arrangement as to the Company and the Council may seem expedient and the final balances at credit (if any) in the said Profit and Loss Account and Reserve Accounts after such distribution of shares in the said separate Company shall be rotal ed in the business of the Company Provided also that in case the AGREEMENT OF 1905, As soon as may be practicable end not later than the Sist Decem-' ber 1926 the Council and the! Company shall enter into. a new agreement to replace the Principal Indenture which shall inter alia elude all the provisions contained these presents and such of the! provisions of the Principal Indenture as do not conflict therewith subject nevertheless to such altera~ tions and additions as may be agreed upon -betwoen the Council and the Company.
Text read from the printed page and cleaned; old type leaves the occasional error.