CO129-436 - Acting Governor Claud Sever & Governor Sir May & Public Offices - 1916 [11-12] — Page 239

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Liability of 34. Joint holders of a share shall be jointly and joint holders. severally liable for payment of all calls or instalments

or other moneys due in respect thereof.

Board may extend time

35. The Board from time to time at its discretion. fixed for call. may extend the time fixed for any call, and may extend such time as to all or any of the members, who from residence beyond the seas or other cause the Board may deem entitled to such extension; but no member shall be entitled to any such extension except as a matter of grace and favour,

Suspension of privileges while call unpaid.

When

interest on call or instalment payable.

Evidence in action for call,

36. No Member shall be entitled to receive any dividend or to exercise any privilege as a member until all calls or other sums due by him to the Company, whether alone or jointly with any other person, together with interest and expenses (if any) shall have been paid.

37. If the sum payable in respect of any call or instalment be not paid on or before the day appointed for payment thereof the holder for the time being of the share in respect of which the call shall have been made or the instalment shall be due shall for the same at the rate of ten per centum per annum. interest pay from the day appointed for the payment thereof to the time of the actual payment or at such other rate as the Directors may determine.

38. On the trial or hearing of any action, for the recovery of any money due for any call it shall be sufficient to prove that the name of the member sued is entered in the Register as the holder, or one of the holders, of the shares in respect of which such call was made that the resolution making the call is duly recorded in the Minute Book and that notice of such call was duly given to the member sued in pursuance of these Articles and it shall not be necessary to prove the appointment of the Directors who made such call nor any other matters whatsoever, but the proof of the matters aforesaid shall be conclusive evidence of a debt due from the Member to the Company.

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advance.

39. The Directors may if they think fit receive Payment of from any member willing to advance the same all or calls in any part of the moneys due upon the shares held by him beyond the sums actually called for and upon the money so paid in advance or so much thereof as from time to time exceeds the amount of the calls then made upon the shares in respect of which such advance has been made the Company may pay interest at such rate as the member paying such sum in advance and the Directors agree upon.

Forfeiture and Lien.

40. If any Member fail to pay any call or instalment If call not due from him on or before the day appointed for the paid, notice payment of the same, the Directors may at any time may be given. thereafter, during such time as the call or instalment or any part thereof remains unpaid, serve a notice on such member or give notice to such Member by advertisement (which shall be sufficient advertisement if published once in the Hongkong, Government Gazette and once in one of the Daily Newspapers circulating in the Colony) requiring such Member to pay such call or instalment, or such part thereof as remains unpaid together with any interest that may have accrued and all expenses that may have been incurred by the Company by reason of such non- payment.

41. It shall not be necessary in the said notice, if Name of given by advertisement, to mention the name of the Members

need not Members, but such notice shall mention the numbers

be given of the shares in respect of which it is given.

in notice.

42. The notice shall name a day (not being less Form of than fourteen days from the date of the notice) on or notice. before which such call or such part as aforesaid and all interest and expenses that have accrued by reason of such non-payment are to be paid. The Notice shall also name the place at which, and the person to whom, such call or instalment and such interest and expenses as aforesaid are to be paid. The notice shall also state that in the event of non-payment at or before the time and at the place appointed the shares in respect of which the call was made or instalment is payable will be liable to be forfeited.