CAP. 701
validity of
acts notwithstanding want of qualification:
The Hongkong and Shanghai Banking Corporation.
[r. 86 cont.] shares in the bank. No person shall be eligible for appointment as a director unless he holds such qualification: Provided always that all acts done by any person assuming to be a director shall, notwithstanding his being improperly elected or his being disqualified or his ceasing to be qualified, be as valid and effectual, both against and in favour of the bank and all other parties (but not in favour of himself), as if he were duly elected and qualified.
eligibility for re-election notwithstanding past disqualification.
Directors may act notwithstanding vacancy.
Ord. 8/46.
(2) A person ceasing to be a director from disqualification for want of shares shall not merely on that account be ineligible for re-election on again becoming qualified, and a person ceasing to be a director for absence shall not merely on that account be ineligible for re-election.
87. The continuing directors may act notwithstanding any vacancy in their body; but so that if the number of directors falls below the minimum above fixed the continuing directors shall not, except for the purpose of filling vacancies, act so long as the number is below the minimum. In the event of there being no directors present in the Colony or of the number of directors having fallen below the minimum and it being impracticable to fill the vacancies in the manner prescribed in these regulations, the Governor either of his own motion or on the application of the chief manager or of any twenty shareholders who would be entitled to vote at any general meeting may in the place of any persons who are deemed to have vacated the office of director appoint such persons as he may think fit to hold office as directors until the conclusion of the next following ordinary yearly general meeting of the shareholders. Such persons so appointed as directors may act until the conclusion of such ordinary yearly general meeting without acquiring the qualification prescribed in regulation 86 and shall be eligible for re-election at such meeting.
Remuneration of directors.
Ord. 8/46.
88. The board shall be paid out of the funds of the bank in each year by way of remuneration for its services such sum as a general meeting may from time to time determine, and such remuneration (subject to any special directions of a general meeting) shall be divided among the directors in such proportions and in such manner as they may from time to time determine.
374
CAP. 701
validity of
acts notwith- standing want of qualification:
The Hongkong and Shanghai Banking Corporation.
[r. 86 cont.] shares in the bank. No person shall be eligible for appoint- ment as a director unless he holds such qualification: Provided always that all acts done by any person assuming to be a director shall, notwithstanding his being improperly elected or his being disqualified or his ceasing to be qualified, be as valid and effectual, both against and in favour of the bank and all other parties (but not in favour of himself), as if he were duly elected and qualified.
eligibility for re-election notwith. Etanding past dis- qualification.
Directors may act notwith- standing
vacancy.
Ord. 8/46.
(2) A person ceasing to be a director from disqualifica- tion for want of shares shall not merely on that account be ineligible for re-election on again becoming qualified, and a person ceasing to be a director for absence shall not merely on that account be ineligible for re-election..
87. The continuing directors may act notwithstanding any vacancy in their body; but so that if the number of directors falls below the minimum above fixed the continu- s. 2, Schedule. ing directors shall not, except for the purpose of filling vacancies, act so long as the number is below the minimum. In the event of there being no directors present in .the Colony or of the number of directors having fallen below the minimum and it being impracticable to fill the vacancies in the manner prescribed in these regulations, the Governor either of his own motion or on the application of the chief manager or of any twenty shareholders who would be en- titled to vote at any general meeting may in the place of any persons who are deemed to have vacated the office of director appoint such persons as he may think fit to hold office as directors until the conclusion of the next following ordinary yearly general meeting of the shareholders. Such persons so appointed as directors may act until the conclu- sion of such ordinary yearly general meeting without acquir- ing the qualification prescribed in regulation 86 and shall be eligible for re-election at such meeting.
Remunera-
tion of
directors.
Ord. 8/46.
88. The board shall be paid out of the funds of the bank in each year by way of remuneration for its services
s. 2, Schedule. Such sum as a general meeting may from time to time deter- mine, and such remuneration (subject to any special direc- tions of a general meeting) shall be divided among the directors in such proportions and in such manner as they may from time to time determine.
374
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