The Hongkong and Shanghai Banking Corporation.
[CAP. 70
89. The office of director shall ipso facto be vacated by when any person-
(a) if he becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors;
(b) if he becomes a lunatic or of unsound mind, or if all the other directors unanimously resolve that he is physically or mentally incapable of performing the functions of a director;
(c) if he ceases to hold the required number of shares to qualify him for office;
(d) if he has absented himself (such absence not being with leave from the board or on the affairs of the bank) from the meetings of the board for three months in succession and the board has resolved that his office be vacated;
(e) if by one month's notice in writing to the bank, sent to the head office, he states his intention to resign his office. Such resignation shall take effect upon the expiration of such notice, or its earlier acceptance by the board;
(f) if he or his firm or any partner therein or representative thereof acts (otherwise than with the consent of the board) either directly or indirectly as a director, managing director, manager or partner of any corporation, company, partnership or body of persons carrying on business which competes with that carried on by the bank. Such consent must be evidenced by writing signed by the chief manager pursuant to a resolution of the board and may be at any time withdrawn by the board without previous notice;
(g) by the passing of an extraordinary resolution for his removal under regulation 96;
(h) if not being the chief manager or the acting chief manager for the time being of the bank he accepts or holds any other office under the bank.
B. 2, Schedule.
Director may contract with bank:
90. No director shall be disqualified by his office from entering into a contract or arrangement with the bank, either as a vendor, purchaser, agent, broker or otherwise and either personally or by or through any firm, company or
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Page 31
The Hongkong and Shanghai Banking Corporation.
[CAP. 70
89. The office of director shall ipso facto be vacated by when office any person-
(a) if he becomes bankrupt or has a receiving order made against him or suspends payment or com- pounds with his creditors;
(b) if he becomes a lunatic or of unsound mind, or if all the other directors unanimously resolve that he is physically or mentally incapable of performing the functions of a director;
(c) if he ceases to hold the required number of shares
to qualify him for office;
(d) if he has absented himself (such absence not being
with leave from the board or on the affairs of the bank) from the meetings of the board for three months in succession and the board has resolved. that his office be vacated;
(e) if by one month's notice in writing to the bank, sent to the head office, he states his intention to resign his office. Such resignation shall take effect upon the expiration of such notice, or its earlier acceptance by the board;
() if he or his firm or any partner therein or represen- tative thereof acts (otherwise than with the consent. of the board) either directly or indirectly as a direc- tor, managing director, manager or partner of any corporation, company, partnership or body of persons carrying on business which competes with that carried on by the bank. Such consent must be evidenced by writing signed by the chief manager pursuant to a resolution of the board and may be at any time withdrawn by the board without previous notice;
(g) by the passing of an extraordinary resolution for
his removal under regulation 96;
of director is vacated.
(h) if not being the chief manager or the acting chief ord. 8/46,
manager for the time being of the bank he accepts
or holds any other office under the bank.
B. 2, Schedule.
Director may
contract
90. No director shall be disqualified by his office from entering into a contract or arrangement with the bank, either with bank: as a vendor, purchaser, agent, broker or otherwise and either personally or by or through any firm, company or
375
Page 30Page 31
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