24%
When transfers to be retained.
Transfer fee.
When
tran-fer
books and
be closed,
30
70. All instruments of transfer which shall be registered shall be retained by the Company but any instrument of transfer which the Directors may decline to register shall (except in case of fraud) be returned to the person depositing the same.
71. A fee not exceeding two Dollars together with the stamp duty (if any) shall be payable in respect of every such new certificate.
72. The Company may on giving notice by adver- tisement in some newspaper circulating in Hongkong Register may and if the Company shall keep a Local Register also in some newspaper circulating in the place where the Local Register is kept close the Register of Transfers and the Register of Members during such time as the Directors think fit not exceeding in the whole thirty days in each year.
Transmission clause.
Board have right to refuse
transfer to
73. The executors or administrators of a deceased member (not being one of several joint holders) shall be the only persons recognised by the Company as having any title to the shares registered in the name of such member. In case of the death of one or more of the joint holders of any registered shares, the survivor or survivors shall be the only person or persons recognised by the Company as having any title to or interest in such shares.
74. Any guardian of an infant Member, and any committee of a lunatic Member, and any person be- coming entitled to shares in consequence of the death, bankruptcy, or liquidation of any Member, or other- wise by operation of law, upon producing such evidence that sustains the character in respect of which he proposes to act under this article, or of his title, as the Directors think sufficient, may register himself as a Member in respect of such shares, or subject to the regulations as to transfer herein before contained may transfer the same to some other
person.
75. The Board shall have the same right to refuse to register any person entitled to any shares by transmission or his nominee as if such person or any shares by nominee were the transferee named in an ordinary transmission. transfer presented for registration.
31
Increase and Reduction of Capital.
Two hundred and Twenty thousand Dollars Hongkong
76. The Capital of the Company shall consist of Capital.
Currency divided into Two thousand Two hundred shares of One Hundred Dollars each to be fully paid up on allotment.
77. The Company in General Meeting may from Power to time to time by special resolution (whether all the increase shares for the time being authorised shall have been capital. issued or all the shares for the time being issued shall have been fully called up or not) increase the capital by the creation and issue of new shares beyond the aforesaid ordinary shares by such number and of such amount as may be determined by the resolution of the meeting of the Company creating the new shares.
issue.
78. The new shares shall be issued upon such Conditions of terms and conditions and with such rights and pri- resolving upon the creation thereof shall direct and vileges annexed thereto as the General Meeting
if no direction be given, as the board shall determine; and in particular such shares may be issued with a preferential or qualified right to dividends and in the distribution of assets of the Company, and with a special or without any right of voting.
to members.
79. Subject to any direction to the contrary that New shares may be given by the meeting, sanctioning an increase to be offered of capital all new shares of whatever kind shall be offered to the members in proportion to the existing shares held by them, and such offer shall be made by the board by notice specifying the number of shares to which the member is entitled, and limiting a time within which the offer, if not accepted, will be deemed to be declined and after the expiration of such time, or on the receipt of an intimation from the member to whom such notice is given that he declines to accept the shares so offered, the board may dispose of the same in such manner as they may think most bene- ficial to the Company.
80. If owing to any inequality in the number of Board to
settle difficul- new shares to be issued and the number of shares
ty amongst held by members entitled to have the offer of such the members.
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