TNAG-2755-FCO40-3972-Banking-situation-in-Hong-Kong-1993 — Page 53

A 8

CAP. 379]

Overseas Trust Bank (Compensation of Registered Holders of Shares) Regulations

[1986 Ed.

[Subsidiary]

Payment of compensation.

(c) disturbs or otherwise interferes with the proceedings of the

Tribunal.

commits an offence and is liable on conviction to a fine of $5,000 and to imprisonment for 6 months.

PART III

PAYMENT OF CompensatION

18. (1) A registered holder of shares shall be entitled to be paid compensation equal to the value of one share as calculated by the Tribunal under Part II multiplied by the number of shares held by him immediately before commencement, together with interest on that compensation from commencement until payment at the rate calculated in accordance with paragraph (2).

(2) For the purpose of paragraph (1) simple interest shall be calculated daily during the period referred to in paragraph (1) by applying to that compensation the daily maximum single rate of interest paid on savings accounts denominated in Hong Kong dollars during that period by members of the Hong Kong Associa- tion of Banks.

(3) Compensation and interest payable under these regula- tions shall be paid by the Government.

C

SCHEDULE

[regs. 6 & 12.]

1. (1) In this Schedule, unless the context otherwise requires- "company" includes any subsidiary:

"company as a going concern" means a company continuing to be operated with a

view to paying dividends out of its earnings:

"earnings" means the profit for one year according to the published results of a

company after taxation and after excluding any extraordinary items;

"earnings per share" means earnings divided by the number of shares in issue by a

company:

"price earnings ratio" means a figure calculated by dividing the current price of a

share of a company by the earnings per share:

"reconstructed company" means the company reconstructed by the payment into shareholders funds of the company reconstruction costs referred to in para- graph 6:

"shareholders funds" means the net assets of the company calculated in accordance

with sub-paragraph (2).

(2) Shareholders funds shall be calculated using standard accounting conven- tions and practices by deducting from the assets of the company-

(a) depreciation:

(b) provisions for bad or doubtful debts calculated in accordance with para-

graph 4:

(c) provisions for contingent liabilities:

(d) such other provisions as the Tribunal considers reasonable:

(e) all other liabilities of the company.