CAP. 70]
[s. 7 cont.]
Alteration of capital.
Reorganization of capital.
Hongkong and Shanghai Bank.
obtained and notified in the Gazette, from time to time be increased by ordinary resolution, of which notice has been duly given, passed at a general meeting, to a total amount not exceeding the sum of fifty million dollars.
8. The shareholders in general meeting shall, in addition to the power hereinbefore conferred of increasing the capital of the bank, have power by ordinary resolution-
(a) to consolidate and divide all or any of the capital of the bank into shares of larger nominal amount than its existing shares;
(b) to subdivide its shares or any of them into shares of smaller amount than is fixed by this Ordinance or by the regulations, so however that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived; and to cancel shares which at the date of the passing of the resolution in that behalf have not been taken or agreed to be taken by any person, and to diminish the amount of its capital by the amount of the shares so cancelled, and a cancellation of shares in pursuance of this section shall not be deemed to be a reduction of capital.
(c)
9. (1) The shareholders may, subject to the prior approval of the Governor, by special resolution reorganize the capital, whether by the consolidation of shares of different classes or by the division of the shares into shares of different classes: Provided that no preference or special privilege attached to or belonging to any class of shares shall be interfered with except by a resolution passed by a majority in number of shareholders of that class holding three-fourths of the share capital of that class and confirmed at a meeting of shareholders of that class in the same manner as a special resolution of the bank is required to be confirmed, and every resolution so passed shall bind all shareholders of the class.
(2) A copy of any such resolution shall be filed with the Colonial Secretary within seven days after the passing of the same or within such further time as the Governor may
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