566719-1929-Supplementary-Advertisements — Page 14

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Place for

keeping registers.

Register as Evidence.

Shares liable to forfeiture in certain events.

Arrears pay- able notwith-

standing

forfeiture

Procedure

for enforcing forfeiture

and effect thereof.

Notice and entry of

forfeiture.

Board may accept com- position for wall.

(7) The principal register shall be kept at the Head Office of the Bank, and the London register and the Shanghai register shall be kept at the establishments to which they respectively belong.

33. Any register of shareholders shall be prima facie evidence of any matters by these regulations directed or authorised to be inserted therein respectively, and a copy of extracts from any such register, if certified as correct by the Chief Manager or Manager of any establishment at which such register is kept, shall be valid and sufficient evidence in any Court of Justice of the particulars contained in such extracts without production of any such register itself.

Forfeiture and Lien.

34.—(1) If any call, or any interest thereon, or any part thereof respectively, be not paid by the person liable to pay the same, within one month after the time fixed or allowed for the payment of such call, then the share in respect whereof the call or interest, or any part thereof, is in arrear, shall, immediately after the expiration of such one month, become liable to forfeiture for the benefit of the Bank and that, whether or not proceedings have been taken to enforce such payment, and whether or not payment of any amount less than the whole debt and costs have been obtained by means of such proceedings or otherwise; and if any share be transferred by operation of law, and some person be not within twelve months thereafter registered as the holder thereof, the share shall inme- diately after the expiration of such twelve months become liable to forfei- ture by the Board for the benefit of the Bank.

(2) Shares may also be forfeited in the events stated in regulation 10 (5).

35. The forfeiture of a share shall not, unless the Board otherwise order, operate as an extinguishment or satisfaction of the liability of any person to pay any call, or interest thereon, payable upon such share at the time of the forfeiture thereof being declared, or any expenses incurred in respect of such share.

33. In every case in which any share is, under these regulations, liable to forfeiture, the Board may pass a resolution declaring such share for- feited, and immediately thereupon such share and all rights and interests in respect thereof. including any dividends acerned in respect of such share, and all subsequently accrued dividends thereon, and all rights. powers, privileges, and advantages incidental to such share, shall be for- feited to the Bank; and all rights, claims, and demands whatsoever against the Bank, for or in respect of or in relation to the share or dividends so for- feited shall, unless the Board otherwise determine, be absolutely exting- uished for the benefit of the Bank; and the rights of voting, and all other rights and powers incidental to the share, shall remain in suspense or abeyance until the share be sold re-allotted or otherwise disposed of by the Board for the benefit of the Bank, or be restored to the defaulter, or some person claiming under him, as provided by Regulation 40.

37. When any share shall have been so forfeited, notice of the reso- lution shall be given to the shareholder in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the registers

38. If any person from whom any call, or interest thereon, or any part thereof shall be due, and whose share has been declared forfeited for non-payment thereof, shall show, to the satisfaction of the Board, that he is unable to pay the whole amount then remaining due from him in respect of such call or interest, the Board may accept from him such sum by way of composition for, and in lien of, the whole amount so then due from him, as the Board may determine; and, upon the payment of such composi- tion, may discharge him from all claims and demands whatsoever then re- maining due in respect of such call and interest; but no such composition shall be accepted from any person while he continues a shareholder in his own right in respect of any share besides the share so forfeited, or shall give him any claim to or in respect of the share so forfeited.

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