CAP. 345]
Hang Lung Bank (Acquisition)
[1989 Ed.
(5) Where an agreement is deemed to be frustrated by virtue of subsection (4), section 17 of the Law Amendment and Reform (Consolidation) Ordinance (Cap. 23) shall not apply to that agreement.
7. Directors
(1) Upon commencement all those persons who, immediately before commencement were directors of the company and of its subsidiaries shall cease to be directors thereof; and all such directors who also held executive offices in the company and its subsidiaries shall cease to hold those offices.
(2)-(5) (Repealed L.N. 329 of 1989)
(6) No fee, or reward, financial or otherwise, shall be paid by the company to any director appointed under this section who is a public officer.
(7) Notwithstanding his removal from office by subsection (1) every former director shall remain liable for all his acts and omissions in respect of the period while he was a director.
8. Compensation
(1) The registered holders of shares in the capital of the company immediately before the vesting thereof in the Financial Secretary Incorporated by section 3(1) shall, subject to any regulations under subsection (3), be entitled to compensation in respect of those shares. (Amended L.N. 180 of 1985)
(2) Any person who suffers loss by reason of the operation of section 4, the cessation of any right under section 5(1) or the disclaimer of a transaction under section 6(3) shall, subject to any regulations under section 9 read with subsection (3), be entitled to compensation in respect of such loss.
(3) The following matters may be prescribed-
(a) the manner of determining the amount of compensation payable under subsections (1) and (2);
(b) the factors to be taken into account or disregarded, and the principles to be applied in determining such amount;
(c) the time and manner of payment of such compensation;
(d) whether and what interest shall be payable in respect of such compensation;
(e) the denial of compensation under subsections (1) and (2) to any former director who has engaged in any transaction which could be disclaimed under section 6(3) if it were in whole or in part unperformed or unexpired;
(f) any matter incidental to the matters specified in subsection (1) or (2) or paragraphs (a) to (e).
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