A 54
CAP. 70]
The Hongkong and Shanghai Bank Regulations
[1989 Ed.
[Subsidiary]
and such record date may be on or at any time before or after any date on which such dividend, distribution, allotment or issue is declared, paid or made. A transfer of shares shall not pass the right to any dividend declared thereon before the registration of the transfer.
(L.N. 157 of 1987)
131. Retention of dividend in certain cases
The directors may retain any dividend payable upon shares in respect of which any person is under the transmission clause entitled to become a shareholder, or which any person under that clause is entitled to transfer, until such person becomes a shareholder in respect thereof or duly transfers the same.
132. Currency and rate of exchange of dividends
Dividends shall be paid in such currency or currencies and at such rate of exchange as the board may resolve and the board may further resolve that such dividend be satisfied wholly or in part by the distribution of specific assets of any kind, and in particular any shares or securities of any other body corporate, provided always that no dividend shall be made which would amount to a reduction of capital. For the purpose of giving effect to any such dividend as aforesaid the board may settle any difficulty which may arise in regard to the dividend as it shall think fit, and in particular may issue fractional certificates or authorize any person to sell and transfer any fractions or may ignore fractions altogether, and may fix the value for distribution purposes of any such specific assets and the board may authorize any person on behalf of the shareholders to enter into an agreement with the bank providing for the payment to such person of any such specific assets or cash in trust on such terms as may seem expedient to the board, and any agreement made under such authority shall be effective.
132A. Scrip dividends
(L.N. 157 of 1987)
(1) In respect of any dividend proposed to be paid or declared by the board or by the shareholders in general meeting, the board may pass a resolution to the effect: either
(a) That each shareholder entitled to such dividend be entitled to elect to receive an allotment of shares credited as fully paid in lieu of the whole or such part of the dividend as the board may think fit. In such case, the following provisions shall apply:
(i) the basis of any such allotment shall be determined by the board;