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Delegation
of Boards authority to deal with
transfers on local registers.
Form of Transfer.
Execution of transfer.
Transfer to he left with Bank and
evidence of title given.
Scrip fees
and stamp
duty.
Transferee
to become shareholder
on registra- tion of transfer.
Surrender of old and issue of new Certificate.
Bank to re- tain trans- fers.
Holding of annual general meetings.
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(which it shall not be under any obligation to give), be registered as a share- holder, in respect of such shares, or may, with the like consent, elect to have some person nominated by him and approved by the Board registered as trans- feree of such shares. This regulation is hereinafter referred to as the trans- mission clause.
52. The Board may from time to time depute some person or persons, whether jointly or severally, to approve of or refuse to register or to deal with transfers or transmissions on any local register and to direct the registration of approved transfers or transmissions in any such register, and such person or persons may, in respect of transfers or transmissions or other entries proposed to be so registered, exercise all the powers of the Board in the same manner and to the same extent and effect as if the Board was actually present and was ex- ercising the same.
53.-(1) Shares in the Bank shall be transferred only by such instrument and in such form as shall from time to time be approved by the Board, and shall be by instrument in writing. Such instrument shall contain an undertaking by the transferee of every share thereby transferred to perform and observe all the duties and obligations of a shareholder in respect of such share in accordance with the provisions of the Ordinance and regulations. The instru- ment of transfer of any share shall, unless and until otherwise prescribed by the Board, be in the form contained in Appendix 2 to these regulations or to the like effect.
(2) The instrument of transfer of any share shall be signed both by the transferor and transferee but need not be signed on behalf of the Bank, and the transferor shall be deemed to remain the holder of such shares until the name of the transferee is entered in the appropriate register in respect thereof.
(3) Every instrument of transfer shall be left with the Bank for registra- tion in that one of the registers in which the shares are entered, accompanied by the certificate of the shares to be transferred and such other evidence as the Board or the deputed person or persons referred to in regulation 52 may require to prove the title of the transferor or his right to transfer the shares.
(4) A fee not exceeding the sum of two dollars, or its equivalent in local currency, together with the stamp duty, if any, shall be payable to the Bank in respect of every new certificate issued whether consequent on a transfer or transmission or on the splitting up of an existing certificate and shall, if required by the Board or by the person or persons referred to in Regulation 52, be paid before the issue of the new certificate.
54. When the instrument of transfer shall have been so registered, the transferee shall be and be deemed a shareholder, and shall from the date of such registration be entitled to the same privileges and advantages, and he and his executors administrators assigns or successors shall be subject to the whom he same liabilities in respect of the shares as the shareholder from derived his title.
55. Upon every transfer or transmission of shares the existing certificate shall be given up to be cancelled, and shall forthwith be cancelled accordingly, and a new certificate shall be issued to the new shareholder in respect of the shares transferred or transmitted to such new shareholder and if any of the shares included in the certificate so given up shall be retained by a transferor a new certificate in respect thereof shall be issued to him.
56. The Bank shall retain every instrument of transfer of its shares.
Proceedings at General Meetings.
57. An annual general meeting of the shareholders shall be held once in every year, at such time and place as may be prescribed by the Board and unless and until otherwise prescribed as aforesaid such meeting shall be held in the month of February in every year.