235
Acceptance
of shares.
Shares may
be issued
subject to different
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to be kept in the name of the Company, and the banking accounts of the Company at its various branches and agencies shall be kept in the name of the Company.
Shares.
10. As regards all allotments from time to time made the Directors shall duly comply with Section go of the Companies Ordinance 1911.
II. An application signed by or on behalf of an applicant for shares in the Company followed by an allotment of any shares therein, shall be an accept- conditions as ance of shares within the meaning of these articles, and every person who thus or otherwise accepts any share, and whose name is on the Register shall for the purposes of these articles be a member.
to calls, etc.
Instalments on shares to
be duly paid.
12. The Company may make arrangements on the issue of shares for a difference between the holders of such shares in the amount of calls to be paid and time of payment of such calls.
13. If by the conditions of allotment of any share the whole or part of the amount or issue price thereof shall be payable by instalments every such instalment shall when due be paid to the Company by the person who for the time being shall be the registered holder of the share.
Liability of 14. The joint holders of a share shall be severally joint holders, as well as jointly liable for the payment of all instal-
ments and calls due in respect of such share.
Trusts not recognized.
15. Save as herein otherwise provided the Com- pany shall be entitled to treat the registered holder of any share as the absolute owner thereof, and accordingly shall not be bound to recognise or be affected with notice of any trust or any equitable, contingent, future, or partial interest in or lien, charge or incumbrance on any share or any interest in any fractional part of a share, or (except only as is by these articles otherwise expressly provided or as ordered by a court of competent jurisdiction) any other right in respect of a share, except an absolute right to the entirety thereof, in the registered holder.
17
deemed the
16. If any shares shall stand in the names of two or The first more persons the person first named in the Members' named of Register, if in Hongkong, or in his absence, the next joint holders named person who shall be then in Hongkong, shall sole holder as regards voting at any meetings, receipt of dividends, except for services of notices, and all or any other matters transfer. connected with the Company (except the transfer of shares), be deemed the sole holder thereof.
Certificates.
17. The certificate of title to shares shall be issued Certificate under the Seal of the Company and signed by two of shares. Directors and countersigned by the Permanent General Manager or General Manager or by some other person appointed by the Directors.
18. Every member shall be entitled to one certi- Members ficate for all the shares registered in his name or to right to. several certificates each for one or more of such shares. Every certificate shall specify the number and denoting numbers of the shares in respect of which it is issued and the amount paid up thereon and may otherwise be in such form as the Board may from time to time prescribe, a member requiring more than one certificate in respect of his shares shall pay two dollars for each additional certificate beyond one.
defaced or
19. If any certificate be worn out or defaced then Certificates upon production thereof to the Directors they may order the same to be cancelled and may issue a new lost.
certificate in lieu thereof and if any certificate be lost or destroyed then, upon proof thereof to the satisfaction of the Directors and on such indemnity as the Directors deem adequate being given and upon payment of all expenses which the Company may incur a new certificate in lieu thereof may be given to the party entitled to such lost or destroyed certificate.
20. For every certificate issued under the last Fee. *preceding article there shall be paid to the Company the sum of two dollars or such smaller sum as the Directors may determine.
21. The certificates of shares registered in the Joint bolders' names of two or more persons may be delivered to certificates, the person first named on the register of members,