The Hongkong and Shanghai Banking Corporation.
[CAP. 70
the chief manager in this and any other regulation shall be deemed to include a reference to an acting chief manager.
(3) The chief manager so long as he holds such office shall be eligible for election as a director within the meaning of these regulations except that if elected he shall not be subject to retirement by rotation and shall not be reckoned as a director for the purpose of determining the rotation or retirement of directors or in fixing the number of directors to retire but subject to the provisions of any contract between him and the board he shall be subject to the same provisions as to resignation and removal as the other directors except the provision under paragraph (1) of regulation 86 and he shall ipso facto and immediately cease to be a director if from any cause he ceases to hold the office of chief manager but on ceasing to hold such office he shall not on that account be ineligible for election or to fill a vacancy on the board of directors subject to the same provisions as those applying to the directors other than the chief manager.
116. The board may enter into any contract it deems expedient with the chief manager for a term of years or otherwise, and as to remuneration and commission, and generally as it may think fit.
117. The board may from time to time entrust to and confer upon the chief manager for the time being such of the powers exercisable under these regulations by the board (other than its power to make calls on shares) as it may think fit, and may confer such powers for such time, and to be exercised for such objects and purposes, and upon such terms and conditions and with such restrictions, as the board thinks expedient, and it may confer such powers collaterally with or to the exclusion of or in substitution for all or any of the powers of the board in that behalf, and may from time to time revoke, withdraw, alter or vary all or any of such powers.
Local management.
118. The following provisions shall have effect-
(a) the board may from time to time provide for the management and transaction of the affairs of the bank outside the Colony and in any specified locality
387
Contract remuneration manager.
and re-
of chief
Powers and chief
duties of
manager.
Local management:
The Hongkong and Shanghai Banking Corporation.
[CAP. 70
the chief manager in this and any other regulation shall be deemed to include a reference to an acting chief manager.
(3) The chief manager so long as he holds such office shall be eligible for election as a director within the meaning of these regulations except that if elected he shall not be subject to retirement by rotation and shall not be reckoned as a director for the purpose of determining the rotation or retirement of directors or in fixing the number of directors to retire but subject to the provisions of any contract between him and the board he shall be subject to the same provisions as to resignation and removal as the other directors except the provision under paragraph (1) of regulation 86 and he shall ipso facto and immediately cease to be a director if from any cause he ceases to hold the office of chief manager but on ceasing to hold such office he shall not on that account be ineligible for election or to fill a vacancy on the board of directors subject to the same provisions as those applying to the directors other than the chief manager.
116. The board may enter into any contract it deems expedient with the chief manager for a term of years or otherwise, and as to remuneration and commission, and generally as it may think fit.
117. The board may from time to time entrust to and confer upon the chief manager for the time being such of the powers exercisable under these regulations by the board (other than its power to make calls on shares) as it may think fit, and may confer such powers for such time, and to be exercised for such objects and purposes, and upon such terms and conditions and with such restrictions, as the board thinks expedient, and it may confer such powers collaterally with or to the exclusion of or in substitution for all or any of the powers of the board in that behalf, and may from time to time revoke, withdraw, alter or vary all or any of such powers.
Local management.
118. The following provisions shall have effect-
(a) the board may from time to time provide for the management and transaction of the affairs of the bank outside the Colony and in any specified locality
387
Contract muneration manager.
and re-
of chief
Powers and chief
duties of
manager.
Local management:
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