Let X be a compact subset of
Cm and let p(X) be the space of germs on X of functions holomorphic near
X, equipped with its natural locally convex inductive limit topology. The
object of this paper is to give, under a mild topological assumption on X, an
internal description of this topology, and in particular, of the bounded sets and
convergent sequences. These results follow from a general extendibility theorem.
Surprisingly, the topological assumption on X is necessary, and examples are
constructed which illustrate this point. A related local extendibility result is also
established.