CO129-437 - Public Offices - 1916 — Page 627

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elected by the commercial shareholders.

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Art 38. In accordance with Article 15 of the Regulations of the Bank of China the number of auditors shall be five, three to be appointed by the Government and two elected by the commercial shareholders.

Art 39.

Then the total amount of commercial shares reaches 10,000,000 a meeting shall be called for the election of directors and auditors.

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Art 40.

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Three times the fixed number of directors and auditors to be elected by the commercial shareholders shall be elected by them and the names of these candi- dates shall be submitted to the Minister of Finance, who shall choose three as directors and two as auditors of the Bank of China.

Art 41. Three times the fixed number of directors and auditors to be appointed by the Government shall be pro- posed by the latter and their names shall be submitted to the commercial shareholders meeting, which shall choose six as directors and three us auditors of the Bank of China.

Chapter 7.

and its duties.

Organisation of the Board of Directors

Art 42. The Board of Directors shall consist of the Governor of the Bank as chairman, the Vice-Gover or að vice chairman and all the official and commercial direc tors es members.

Art 43. The meetings of the Board of Directors shall be called by the Governor of the Bank, but the meeting shall not be opened until not less than half of its members have

arrived.

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