CO129-515-8 Hong Kong and Shanghai Banking Corporation- amendment ordinances- and reports 26-1-1929 - 8-7-1929 — Page 86

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Chief Manager.

chief

118. The Board may from time to time appoint any person to be the Directors Chief Manager of the Bank, either for a fixed term or without any limita- may appoint tion as to the period for which he is to hold such office, and may from manager. time to time remove or dismiss him from office and appoint another in his place.

119. The Board may enter into any contract it deems expedient with Contract the Chief Manager for a term of years or otherwise, and as to remunera- tion and commission, and generally as it may think fit.

120. The Board may from time to time entrust to and confer upon the Chief Manager for the time being such of the powers exercisable under these regulations by the Board (other than its power to make calls on shares) as it may think fit, and may confer such powers for such time, and to be exercised for such objects and purposes, and upon such terms and conditions and with such restrictions as the Board thinks expedient, and it may confer such powers either collaterally with or to the exclusion of or in substitution for all or any of the powers of the Board in that behalf, and may from time to time revoke, withdraw, alter or vary all or any of such

powers.

Local Management.

121. The following provisions shall have effect :-

(a) The Board may from time to time provide for the management and transaction of the affairs of the Bank outside the Colony and in any specified locality in such manner as it thinks fit, and the provisions contained in the next following paragraphs shall be without prejudice to the general powers conferred by this paragraph.

(b) The Committee, as constituted at the commencement of the Ordinance, in London shall continue for so long as the Board in its discretion may think fit. The Board may also establish, in such places and for such length of time as the Board in its discretion may think fit, any other Committees for consultation about the affairs of the Bank outside the Colony and in any specified locality, and may appoint any persons to be members of such Committee and may fix their remuneration. The Board may also from time to time and at any time discontinue any Committee or change the personnel thereof.

and re- muneration of chief manager.

Powers and duties of manager.

chief

Local management.

Local committee.

(c) The Board from time to time, and at any time, may delegate to Delegation.

any persons so appointed any of the powers, authorities, and discretions for the time being vested in the Board with regard to the conduct of the business of the Bank (other than the power to make calls), with power to sub-delegate, and may authorise the members for the time being of any such Com- mittee as in (b) supra, or any of them, to fill up any vacancies therein, and to act notwithstanding vacancies; and any such appointment or delegation may be made on such terms and subject to such conditions as the Board may think fit; and the Board may at any time remove any member for the time being of any such Committee, and may annul or vary any such ap- pointment or delegation, but no party dealing in good faith and without notice of such annulment or variation shall be affected thereby.

(d) The provisions of regulation 91 shall apply except as regards Application

the holding of a share qualification mutatis mutandis to any member of any such Committee.

of Regula-

tion 91.

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