CAP. 70]
[r. 121 cont.]
Ord. 8/46,
8. 2, Schedule. 37 of 1950, Schedule.
Ord. 8/46, s. 2, Schedule.
Capitalization of profits.
The Hongkong and Shanghai Banking Corporation.
(2) The manager or acting manager of the bank for the time being duly appointed by the bank in London and in any other place where such establishment as aforesaid is situate shall have power to affix the seal authorized to be used at such establishment to any deed or other document to which the bank is party.
(3) The authority of such manager or acting manager shall as between the bank and any person dealing with such manager or acting manager continue until notice of the revocation or determination of the authority of the manager or acting manager has been given to the person dealing with him.
(4) The person affixing any such official seal shall, by writing under his hand on the deed or other document to which such seal is affixed, certify the date and place of affixing the same.
(5) A deed or other instrument to which an official seal ... is duly affixed shall bind the bank and have the same effect as if it had been sealed with the common seal.
Capitalization of undivided profits.
122. (1) The shareholders in general meeting may at any time pass a resolution to the effect that it is desirable to capitalize any sum or sums of money being part of the undivided profits of the bank standing to the credit of the bank's reserve fund or funds, and accordingly that such sum or sums be distributed as a bonus among the shareholders in proportion to the shares held by them respectively, and that the board be authorized to distribute among the shareholders any unissued shares or new shares in like proportions.
(2) When any such resolution has been passed, the board may allot and issue to shareholders, as nearly as may be in proportion to the shares held by them respectively and in satisfaction of the said bonus, the unissued shares or new shares credited as paid up shares to the extent of the proportionate amount payable to such shareholders in pursuance of the said resolution, with full power to make such provisions by the issue of fractional certificates or otherwise as it may think expedient for the case of fractions, and prior to such allotment the board may authorize any person on behalf of
390
Page 45
Page 46
CAP. 70]
[r. 121 cont.]
Ord. 8/46,
8. 2, Schedule. 37 of 1950, Schedule.
Ord. 8/46, s. 2, Schedule.
Capitaliza- tion of profits.
The Hongkong and Shanghai Banking Corporation.
(2) The manager or acting manager of the bank for the time being duly appointed by the bank in London and in any
other place where such establishment as aforesaid is situate shall have power to affix the seal authorized to be used at such establishment to any deed or other document to which the bank is party.
(3) The authority of such manager or acting manager shall as between the bank and any person dealing with such manager or acting manager continue until notice of the revocation or determination of the authority of the manager or acting manager has been given to the person dealing with him.
(4) The person affixing any such official-seal shall, by writing under his hand on the deed or other document to which such seal is affixed, certify the date and place of affixing the same.
(5) A deed or other instrument to which an official seal ··· is duly affixed shall bind the bank and have the same effect as if it had been sealed with the common seal.
Capitalization of undivided profits.
122. (1) The shareholders in general meeting may at any time pass a resolution to the effect that it is desirable to capitalize any sum or sums of money being part of the undivided profits of the bank standing to the credit of the bank's reserve fund or funds, and accordingly that such sum or sums be distributed as a bonus among the shareholders in proportion to the shares held by them respectively, and that the board be authorized to distribute among the share- holders any unissued shares or new shares in like proportions.
(2) When any such resolution has been passed, the board may allot and issue to shareholders, as nearly as may be in proportion to the shares held by them respectively and in satisfaction of the said bonus, the unissued shares or new shares credited as paid up shares to the extent of the pro- portionate amount payable to such shareholders in pursuance of the said resolution, with full power to make such provisions by the issue of fractional certificates or otherwise as it may think expedient for the case of fractions, and prior to such allotment the board may authorize any person on behalf of
390
Page 45Page 46
No comments yet.
Private notes are available after approval.