CAP. 70]
Arbitrators between the bank and share-holder or successors.
The Hongkong and Shanghai Banking Corporation.
Arbitration.
159. Whenever any difference arises between the bank on the one hand and any of the shareholders, their heirs, executors, administrators or assigns on the other hand, touching the true intent or construction of the Ordinance or of these regulations, or touching any act or thing to be done, omitted or suffered in pursuance of the Ordinance or these regulations, every such difference shall be referred to the arbitration of two arbitrators one to be appointed by each party and such arbitration shall be carried out in Hong Kong (Cap. 4, rules) under the provisions of the Code of Civil Procedure in the same way as if the bank and any such shareholder had entered into a written agreement to submit any such difference to arbitration.
Dissolution on loss of half of paid-up capital.
Dissolution on adverse joint report of board and auditors.
Board to have conduct of dissolution.
Dissolution.
160. If and when it appears upon or is certified by any report of the auditors or any report of the board that one-half of the capital actually paid up has been lost in the course of business or otherwise, then and in any such case the bank shall thereupon be ipso facto dissolved.
161. If and when it appears upon or is certified by any joint report of the board and the auditors that the business of the bank cannot be further prosecuted or that the affairs thereof cannot be arranged with a prospect of benefit to the bank and such report is adopted by a resolution at any general meeting, then the bank shall be dissolved at such period not less than two months after the time of passing the resolution as is fixed by the resolution, or if such period be not so fixed, then at such period not less than two months after the day of holding the meeting as the board shall fix, unless the resolution of the meeting or of the board be revoked by an extraordinary general meeting held before the time fixed for dissolution.
162. The board shall have full power to carry the dissolution of the bank, however it may happen, into effect by all necessary ways and means, and all powers and authorities vested in or exercisable by or which but for the dissolution would be vested in or exercisable by the board under these
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