1989 Ed.]
The Hongkong and Shanghai Bank Regulations
[CAP. 70
A 45
[Subsidiary]
(11) to appoint any person or persons (whether incorporated or not) to accept and hold in trust for the bank any property or assets belonging to the bank or in which it is interested, or for any other purposes, and to execute and do all such deeds and things as may be requisite in relation to any such trust, and to provide for the remuneration of such trustee or trustees;
(12) to institute, conduct, defend, compromise or abandon any legal or other proceedings or claims by or against the bank or its officers or servants, or otherwise concerning the affairs of the bank, and also to compound and allow time for payment or satisfaction of any debts due and of any claims or demands by or against the bank;
(13) to refer any claims or demands by or against the bank to arbitration, and to observe and perform the awards;
(14) to determine who shall make proofs of debt and otherwise act on behalf of the bank in cases of bankruptcies and insolvencies and windings-up of companies or other administrations of assets; in default of such determination the local manager shall act;
(15) to execute in the name and on behalf of the bank in favour of any director or other person, who may incur or be about to incur any personal liability, whether as principal or surety, for the benefit of the bank, such mortgages, charges and other securities of the bank's property and on the bank's property and assets (present and future) as the board may think fit; and any such instrument may contain a power of sale and such other power, covenants and provisions as may be agreed on;
(16) to give to any chief general manager, general managers, director or officer or other person employed by the bank a commission on the profits of any particular business or transaction, or a share in the general profits of the bank, such commission or share of profits to be treated as part of the working expenses of the bank, and to pay commission and make allowance to any person introducing business to the bank or otherwise promoting the interests thereof; (L.N. 61 of 1969)
(17) to provide sufficient and proper books distinguished by such names as the directors shall prescribe, which shall be kept under the superintendence of the directors, in which full and sufficient entries shall be made of all payments, liabilities, receipts and credits of or on account of the bank and its customers, and all matters properly the subject of debt and credit, account, receipt or payment, in which the bank may be interested, so that the financial state of the bank may at all times appear in and from such books as accurately and clearly as circumstances permit;
(18) from time to time, if and whenever the board may be required so to do by the Governor, to produce and submit to him or to such persons or officers as he may appoint for the purpose, for his or their inspection or examination, the several accounts and statements which by these regulations are required to be made and furnished to the shareholders;
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