37
(3) Such Registers may be closed from time to time as provided for by Closing of regulation 47.
registers.
Local
register entries into principal register.
(4) Every local register shall be deemed for all purposes to be part of Copying of the principal register, and the Manager of any establishment at which there is a local register shall transmit to the Head Office a copy of all entries in any local register as soon as may be after the entries are made; and the Bank shall cause to be kept at its Head Office, duly entered up from time to time, duplicates of the entries in any local register, and such duplicates shall, for all the purposes of the Ordinance and these regulations, be deemed to be part of the principal register.
(5) Shares registered in the Shanghai register may, at the discretion of the Board, (on any future change of ownership thereof) be transferred to the prin- cipal register, and upon such transfer taking place the scrip for such shares shall be delivered up and shall be cancelled and appropriate scrip shall be issued in lieu thereof. When all the shares registered in the Shanghai register have been transferred to the principal register, the Shanghai register shall be closed.
(6) No share upon the principal register or upon the Shanghai register shall be transferred to the London register nor shall shares upon the London register be transferred to the principal register or to the Shanghai register, except with
the consent of the Board.
(7) The principal register shall be kept at the Head Office of the Bank, and the London register and the Shanghai register shall be kept at the establishments to which they respectively belong.
33. Any register of shareholders shall be primâ facie evidence of any matters by these regulations directed or authorised to be inserted therein. respectively, and a copy of extracts from any such register, if certified as correct by the Chief Manager or Manager of any establishment at which such register is kept, shall be valid and sufficient evidence in any Court of Justice of the particulars contained in such extracts without production of any such register itself.
Forfeiture and Lien.
Gradual
closing of Shanghai register.
Limitation
on transfer of shares to or from London register.
Place for keeping registers.
Register as Evidence.
Shares liable to forfeiture in certain
34. (1) If any call, or any interest thereon, or any part thereof respec- tively, be not paid by the person liable to pay the same, within one month after the time fixed or allowed for the payment of such call, then the share in respect events. whereof the call or interest, or any part thereof, is in arrear, shall, immediately after the expiration of such one month, become liable to forfeiture for the benefit of the Bank: and that, whether or not proceedings have been taken to enforce such payment, and whether or not payment of any amount less than the whole debt and costs have been obtained by means of such proceedings or otherwise; and if any share be transferred by operation of law, and some person be not within twelve months thereafter registered as the holder thereof, the share shall immediately after the expiration of such twelve months become liable to forfeiture by the Board for the benefit of the Bank.
(2) Shares may also be forfeited in the events stated in Regulation 10 (5).
35. The forfeiture of a share shall not, unless the Board otherwise order, operate as an extinguishment or satisfaction of the liability of any person to pay any call, or interest thereon, payable upon such share at the time of the forfeiture thereof being declared, or any expenses incurred in respect of such share.
36. In every case in which any share is, under these regulations, liable to forfeiture, the Board may pass a resolution declaring such share forfeited, and immediately thereupon such share and all rights and interests in respect thereof, including any dividends accrued in respect of such share, and all subsequently accrued dividends thereon, and all rights, powers, privileges, and advantages
Arrears pay- able notwith- standing forfeiture.
Procedure for enforcing forfeiture and effect thereof.