CO129-520-7 Public Utility companies- acquisition by foreign groups 4-12-1929 - 26-1-1930 — Page 66

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Copy of

Notice to be

sent to members.

Every mem- ber liable to pay call at appointed time & place

Notice of call may be advertised,

When call deemed to have been made.

Liability of joint holders.

fixed for call.

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46. A copy of the notice referred to in article 41 shall be sent to members in the manner in which notices may be sent to members by the Company as herein provided.

47. Every member upon whom a call is made shall pay the amount of every call so made on him to the person and at the time or times and place as the Directors shall appoint.

48. Notice of the person appointed to receive payment of every call and of the times and places appointed for payment shall be given to the members by notice to be inserted once in The Hongkong Govern- ment Gazette and once, in at least one of the daily newspapers circulating in Hongkong.

49. A call shall be deemed to have been made at the time when the resolution of the Directors authorising such call was passed.

50. The joint holders of a share shall be severally as well as jointly liable for the payment of all calls and instalments due in respect of such share or other moneys due in respect thereof.

Board may

51. The Directors may from time to time at their extend time discretion 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 Directors may deem entitled to any such extension but no member shall be entitled to any such extension except as a matter of grace and favour.

Interest on

52. If the sum payable in respect of any call or unpaid calls. 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 pay interest for the same at the rate of ten Dollars per cent. per annum from the day appointed for the payment thereof to the time of the actual payment.

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the proceeds of sale thereof for his debts, liabilities, and debts due engagements, solely or jointly with any other person to to the

Company. or with the Company, whether the period for the pay- ment, fulfilment or discharge thereof shall have actually arrived or not; and no equitable interest in

any share shall be created except upon the footing or condition that article 40 hereof is to have full effect; and such lien shall extend to all dividends, interim dividends and bonuses from time to time declared in respect of such shares and to all moneys paid in advance of calls thereon. Unless otherwise agreed the registration of a transfer of shares shall operate as a waiver of the Company's lien (if any) on such shares.

72. (1) For the purpose of enforcing such lien the As to Directors may sell the shares subject thereto in such enforcing

lien by sale. manner as they think fit; but no sale shall be made until such time as the moneys are presently payable, and until notice in writing stating the amount due and giving notice of intention to sell shall have been served on such member his Executors or Administrators or the person (if any) entitled by transmission to the shares, and default shall have been made by him or them in the payment, fulfilment, or discharge of such debts, liabilities or engagements for fourteen clear days after such notice. The net proceeds of any such sale and any such dividends, Application interim dividends and bonuses shall be applied in or

of proceeds towards satisfaction of the debts, liabilities or engage- ments aforesaid and residue (if any), shall be paid to such member his Executors, Administrators or Assigns or the person (if any) entitled by transmission to the shares.

(2) For the purposes of this article, a statutory declaration in writing that the declarant is a director of the Company and that the shares are being duly sold in accordance with th powers of the Company, shall as against all persons claiming to be entitled to such shares adversely to such sale be conclusive evidence of the facts therein stated, and such declaration, together with a certificate of ownership of the shares delivered to a purchaser, shall constitute a good title to the shares, and the new holder thereof shall be discharged from all calls made and other moneys payable prior to such purchase,

of sale.

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