1950_THE_HONGKONG_AND_SHANGHAI_BANK_REGULATIONS — Page 15

HK Historical Laws 香港歷史法例 All AI Reviewed

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CAP. 70]

liable to forfeiture

in certain events.

Arrears payable notwithstanding forfeiture.

Procedure for enforcing forfeiture

and effect thereof.

The Hongkong and Shanghai Banking Corporation.

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 has 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 immediately after the expiration of such twelve months become liable to forfeiture by the board for the benefit of the bank.

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

35. The forfeiture of a share shall not, unless the board otherwise orders, 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.

36. In every case in which any share is under these regulations liable to forfeiture, the board may pass a resolution declaring such share forfeited and immediately thereupon such share and all rights and interests in respect thereof, including any dividends accrued in respect of such share, and all subsequently accrued dividends thereon, and all rights, powers, privileges and advantages incidental to such share, shall be forfeited 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 forfeited shall unless the board otherwise determines be absolutely extinguished 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

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CAP. 70]Sharesliable to forfeiturein certain events.Arrears payable notwithstanding forfeiture.Procedure for enforcing forfeitureand effect thereof.The Hongkong and Shanghai Banking Corporation.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 has 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 immediately after the expiration of such twelve months become liable to forfeiture by the board for the benefit of the bank.(2) Shares may also be forfeited in the events stated in paragraph (5) of regulation 10.35. The forfeiture of a share shall not, unless the board otherwise orders, 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.36. In every case in which any share is under these regulations liable to forfeiture, the board may pass a resolution declaring such share forfeited and immediately thereupon such share and all rights and interests in respect thereof, including any dividends accrued in respect of such share, and all subsequently accrued dividends thereon, and all rights, powers, privileges and advantages incidental to such share, shall be forfeited 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 forfeited shall unless the board otherwise determines be absolutely extinguished 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 until360Page 15Page 16

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CAP. 70]Sharesliable to forfeiturein certain events.Arrears payable not- withstanding forfeiture.Procedure for enforcing forfeitureand effect thereof.The Hongkong and Shanghai Banking Corporation.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 has 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 immediately after the expiration of such twelve months become liable to forfeiture by the board for the benefit of the bank.(2) Shares may also be forfeited in the events stated in paragraph (5) of regulation 10.35. The forfeiture of a share shall not, unless the board otherwise orders, 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.36. In every case in which any share is under these regulations liable to forfeiture, the board may pass a resolu- tion declaring such share forfeited and immediately there- upon such share and all rights and interests in respect thereof, including any dividends accrued in respect of such share, and all subsequently accrued dividends thereon, and all rights, powers, privileges and advantages incidental to such share, shall be forfeited 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 determines be absolutely extinguished 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 until360Page 15Page 16

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CAP. 70]

liable to forfeiture

in certain events.

Arrears payable not- withstanding forfeiture.

Procedure for enforcing forfeiture

and effect thereof.

The Hongkong and Shanghai Banking Corporation.

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 has 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 immediately after the expiration of such twelve months become liable to forfeiture by the board for the benefit of the bank.

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

35. The forfeiture of a share shall not, unless the board otherwise orders, 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.

36. In every case in which any share is under these regulations liable to forfeiture, the board may pass a resolu- tion declaring such share forfeited and immediately there- upon such share and all rights and interests in respect thereof, including any dividends accrued in respect of such share, and all subsequently accrued dividends thereon, and all rights, powers, privileges and advantages incidental to such share, shall be forfeited 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 determines be absolutely extinguished 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

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