1989 Ed.]
The Hongkong and Shanghai Bank Regulations
[CAP. 70
A 65
[Subsidiary]
and such arbitration shall be carried out in Hong Kong under the Arbitration Ordinance (Cap. 341) in the same way as if the bank and any such shareholder had entered into a written agreement to submit any such difference to arbitration.
F
160. Dissolution
Dissolution on loss of half of paid-up capital
If and when it appears upon or is certified by any report of the auditors or any report of the board that one-half of the capital actually paid up has been lost in the course of business or otherwise, then and in any such case the bank shall thereupon be ipso facto dissolved.
161. Dissolution on adverse joint report of board and auditors
If and when it appears upon or is certified by any joint report of the board and the auditors that the business of the bank cannot be further prosecuted or that the affairs thereof cannot be arranged with a prospect of benefit to the bank and such report is adopted by a resolution at any general meeting, then the bank shall be dissolved at such period not less than two months after the time of passing the resolution as is fixed by the resolution, or if such period be not so fixed, then at such period not less than two months after the day of holding the meeting as the board shall fix, unless the resolution of the meeting or of the board be revoked by an extraordinary general meeting held before the time fixed for dissolution.
162. Board to have conduct of dissolution
The board shall have full power to carry the dissolution of the bank, however it may happen, into effect by all necessary ways and means, and all powers and authorities vested in or exercisable by or which but for the dissolution would be vested in or exercisable by the board under these regulations or otherwise shall, notwithstanding and after the dissolution, remain and be vested in or exercisable by the board and in full force for the purpose of working out the dissolution and winding up the affairs of the bank.
163. Power of board to make calls, execute necessary documents and distribute surplus assets
For the purpose of the dissolution the board from time to time in its discretion may call up from the shareholders and enforce payment of all
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