TNAG-2755-FCO40-3972-Banking-situation-in-Hong-Kong-1993 — Page 65

1989 Ed.] Hang Lung Bank (Compensation of Former

Shareholders) Regulations

[CAP. 345

A 3

[Subsidiary]

(

(C

C

(C

(

(

(2) The Tribunal shall have the functions, powers and duties prescribed by these regulations.

4. Time limit for seeking compensation

(1) If after 3 months of the coming into operation of these regulations no request in writing has been made by any former shareholder under regulation 3(1) and the Governor has not established the Tribunal under that regulation, the Financial Secretary Incorporated may, by notice in writing sent by post to the last address shown in the share register of the company, advise each former shareholder of his rights under regulation 3(1) and the effect of this regulation. (L.N. 180 of 1985)

(2) If a notice is given by the Financial Secretary Incorporated under subregulation (1) and if after 3 months of the date of service of that notice no former shareholder shall have made a request in writing under regulation 3(1) the amount of compensation shall be deemed to be nil. (L.N. 180 of 1985)

5.

Appointment of Tribunal

(1) The Tribunal shall consist of 3 persons appointed by the Governor as follows-

(a) a judge who shall be Chairman;

(b) 2 other persons neither of whom shall be a public officer.

(2) Every appointment under subregulation (1) shall be notified in the Gazette.

6. Function of the Tribunal

The function of the Tribunal shall be to determine the amount of compensation by calculating the value of a single share in accordance with the factors and principles set out in the Schedule.

7. Hearings

(1) For the purpose of discharging its function under regulation 6 the Tribunal may, and if requested in writing by a former shareholder shall, by notice signed by the Chairman and published in the Gazette, give notice (hereinafter in these regulations referred to as notice of hearing) that it intends to conduct a hearing at which representations may be made by or on behalf of a former shareholder or the Financial Secretary Incorporated and requiring any former shareholder who intends to make representations to give notice to the Tribunal within such reasonable time and at such address as shall be specified. (L.N. 180 of 1985)

Г.