1989 Ed.]
The Hongkong and Shanghai Bank Regulations
[CAP. 70
A 25
[Subsidiary]
assigning any specific reason therefor to refuse to register any transfer of shares made to a corporation, sole or aggregate, or to a firm or to a limited partnership or to any person, firm or corporation holding shares in trust or otherwise than in his or their own right, whether already a shareholder or not.
49. Transfer not permitted of share on which calls have been made
No shareholder shall be entitled to transfer a share after a call is made thereon, until the call or calls made on that share, and all other calls (if any) due on every other share held by him, and all interest (if any), and all costs and expenses (if any) in respect thereof be paid.
50. Transmission of registered shares; survivorship in joint holder
The executors or administrators of a deceased shareholder (not being one of several joint holders) shall be the only persons recognized by the bank as having any title to the shares registered in the name of such shareholder, and in case of the death of any one or more of the joint registered holders of any shares the survivors shall be the only persons recognized by the bank as having any title to or interest in such shares.
51. Transmission clause; evidence of title
Any person, becoming or claiming to be entitled to shares in consequence of the death or bankruptcy of any shareholder or by any lawful means other than by transfer in accordance with these regulations, shall not have any claim upon the bank in respect of any such shares or of any dividend in respect of the same but may, upon such evidence of title being produced as may from time to time be required by the board and with the consent of the board (which it shall not be under any obligation to give), be registered as a shareholder in respect of such shares or may, with the like consent, elect to have some person nominated by him and approved by the board registered as transferee of such shares. This regulation is hereinafter referred to as the transmission clause.
52. Delegation of board's authority to deal with transfers on local registers
The board may from time to time depute some person or persons, whether jointly or severally, to approve of or refuse to register or to deal with transfers or transmissions on any local register and to direct the registration of approved transfers or transmissions in any such register, and such person or persons may,
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