A 64
CAP. 70]
The Hongkong and Shanghai Bank Regulations
[1989 Ed.
[Subsidiary]
general manager, general manager, inspector, manager, sub-manager, agent, sub-agent, chief accountant, accountant or other officer of the bank, his heirs, executors and administrators, shall be indemnified and saved harmless out of the funds of the bank from and against all costs, charges, losses, damages and expenses whatsoever which any such person as aforesaid may incur or become liable to by reason of any contract entered into or act or thing done by him in the proper execution of his own respective powers, duties, office and trust; and every such person as aforesaid, his heirs, executors and administrators, shall be indemnified and saved harmless out of the funds of the bank from and against all actions, suits, claims and demands whatsoever brought or made against him or them in respect of any engagement or any liability of the bank, except such as may be incurred or occasioned by or through his own dishonesty or negligence.
Subject to the provisions of the Companies Ordinance, no such person as aforesaid shall be answerable for the acts, receipts, neglects or defaults of the other or others of them, or for joining in any receipt or other act for conformity, or for any person with or to whom any moneys or effects belonging to the bank are lodged or deposited for safe custody or come, or for any loss or expense happening to the bank through the insufficiency or deficiency of title to any property acquired by order of the board for or on behalf of the bank, or for the insufficiency or deficiency of, or for any defect of title of the bank to, any security in or upon which any of the moneys of the bank are invested, or for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person with whom any moneys, securities or effects of the bank are deposited, or for any loss or damage occasioned by any error of judgment, omission, default or oversight on his part, or for any other loss, damage or misfortune whatever which happens in the execution of the duties of his office or in relation thereto, unless the same happens through his own dishonesty or negligence.
(L.N. 61 of 1969; L.N. 334 of 1989)
Arbitration
159. Arbitrators between the bank and shareholder or successors
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 2 arbitrators one to be appointed by each party