The Hongkong and Shanghai Banking Corporation.
holding the meeting, the directors present shall elect one of their number to be chairman of such meeting, and the director so elected shall preside at such meeting accordingly.
[CAP. 70
quorum.
104. Any meeting of the board at which a quorum is Powers of present shall (subject to the provisions of regulation 87) be competent to exercise all or any of the authorities powers and discretions for the time being vested in or exercisable by the board.
of power3
105. The board may from time to time delegate all or Delegation any of its powers except the power to make calls on share- by board. holders to a committee or committees of the board consist- ing of such member or members of its body as it thinks fit and may from time to time revoke such delegation or revoke the appointment of and discharge any such committee either wholly or in part and either as to persons or purposes, and may authorize any such committee to use the common seal. Any committee so formed shall in the exercise of the powers so delegated conform to any instructions that may from time to time be given to it by the board.
106. The meetings and proceedings of any such com- Proceedings mittee shall be governed by the provisions contained in these of committee. regulations for regulating the meetings and proceedings of
the board so far as the same are applicable thereto and are
not superseded by any instructions given by the board under regulation 105.
directors or committee valid
standing
defective
appointment.
107. All acts done at any meeting of the board, or of a Acts of committee of the board, or by any person acting as a director or member of a committee, shall, notwithstanding notwith- that it may afterwards be discovered that there was some defect in the appointment of any such director or person acting as aforesaid or that he was or all such directors or persons were disqualified, be as valid as if every such director or person had been duly appointed and was qualified to be a director or member of such committee.
Powers of the board.
108. Subject to the provisions of regulation 105, para- graph (10) of regulation 109, regulations 117 and 118 the board shall in addition to the powers, authorities and dis-
Board to control of
have general
business.
Page 379
:
•
The Hongkong and Shanghai Banking Corporation.
holding the meeting, the directors present shall elect one of their number to be chairman of such meeting, and the director so elected shall preside at such meeting accordingly.
[CAP. 70
quorum.
104. Any meeting of the board at which a quorum is Powers of present shall (subject to the provisions of regulation 87) be competent to exercise all or any of the authorities powers and discretions for the time being vested in or exercisable by the board.
of power3
105. The board may from time to time delegate all or Delegation any of its powers except the power to make calls on share- by board. holders to a committee or committees of the board consist- ing of such member or members of its body as it thinks fit and may from time to time revoke such delegation or revoke the appointment of and discharge any such committee either wholly or in part and either as to persons or purposes, and may authorize any such committee to use the common seal. Any committee so formed shall in the exercise of the powers so delegated conform to any instructions that may from time to time be given to it by the board.
106. The meetings and proceedings of any such com- Proceedings mittee shall be governed by the provisions contained in these of committee. regulations for regulating the meetings and proceedings of
the board so far as the same are applicable thereto and are
not superseded by any instructions given by the board under regulation 105.
directors or committee valid
standing
defective
appointment.
107. All acts done at any meeting of the board, or of a Acts of committee of the board, or by any person acting as a director or member of a committee, shall, notwithstanding notwith- that it may afterwards be discovered that there was some defect in the appointment of any such director or person acting as aforesaid or that he was or all such directors or persons were disqualified, be as valid as if every such director or person had been duly appointed and was qualified to be a director or member of such committee.
Powers of the board.
108. Subject to the provisions of regulation 105, para- graph (10) of regulation 109, regulations 117 and 118 the board shall in addition to the powers, authorities and dis-
Board to control of
have general
business.
379
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