The Hongkong and Shanghai Banking Corporation.
the share be sold, reallotted or otherwise disposed of by the board for the benefit of the bank, or be restored to the defaulter or some person claiming under him as provided by regulation 40.
[CAP. 70
forfeiture.
37. When share has been so forfeited notice of Notice and entry of the resolution shall be given to the shareholder in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the register.
38. If any person from whom any call thereon or any part thereof is due, and whose share has been declared forfeited for non-payment thereof, shows to the satisfaction of the board that he is unable to pay the whole amount then remaining due from him in respect of such call or interest, the board may accept from him such sum by way of composition for and in lieu of the whole amount so then due from him as the board may determine; and upon the payment of such composition may discharge him from all claims and demands whatsoever then remaining due in respect of such call and interest; but no such composition shall be accepted from any person while he continues a shareholder in his own right in respect of any share besides the share so forfeited, or shall give him any claim to or in respect of the share so forfeited.
39. Any share so forfeited shall be the property of the bank and the board may sell, reallot and otherwise dispose of the same in such manner as it thinks fit.
40. The board may, at any time before any share so forfeited has been sold, reallotted or otherwise disposed of, annul the forfeiture thereof and restore the same to the defaulter or some person claiming under him upon such conditions as it thinks fit.
41. The forfeiture of a share shall involve the extinction at the time of the forfeiture of all interest in and all claims and demands against the bank in respect of the share and all other rights incident to the share, as between the shareholder whose share has been forfeited and all persons claiming through such shareholder and the bank.
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Forfeited shares become property of bank.
Power to annul forfeiture.
Forfeiture of share extinguishes claims on the bank.