CAP. 70]
The Hongkong and Shanghai Banking Corporation.
[r. 125 cont.] shall not whilst carrying interest confer a right to participate in the profits.
Dividends to be paid out of profits; special power of board.
Restriction on amount of dividends,
Dividend not to carry interest.
Debts may be deducted.
Effect of transfer.
Retention of dividend in certain cases.
Currency and rate of exchange of dividends.
Payments to joint holders.
Payment by post.
126. No dividend shall be payable except out of the profits of the bank, and the declaration of the board as to the amount available for dividend shall be conclusive. Provision, if any, for any loss realized or estimated or apprehended may, when thought fit, be spread over such period of time and by such instalments as the board thinks fit.
127. No larger dividend shall be declared than is recommended by the board, but the shareholders in general meeting may declare a smaller dividend or bonus.
128. No dividend shall bear interest against the bank.
129. The directors may retain any dividends upon which the bank has a lien, and may apply the same in or towards satisfaction of the debts, liabilities or engagements in respect of which the lien exists.
130. A transfer of shares shall not pass the right to any dividend declared thereon before the registration of the transfer.
131. The directors may retain any dividend payable upon shares in respect of which any person is under the transmission clause entitled to become a shareholder, or which any person under that clause is entitled to transfer, until such person becomes a shareholder in respect thereof or duly transfers the same.
132. Dividends shall be paid in such currency and at such rate of exchange as the board may determine.
133. Any one of several persons who are registered as the joint holders of any shares may give effectual receipts for all dividends and payments on account of dividends in respect of such shares.
134. Unless otherwise directed by the board, any dividend may be paid by cheque or warrant sent through the post to the registered address of the shareholder entitled,
392
CAP. 70]
The Hongkong and Shanghai Banking Corporation.
[r. 125 cont.] shall not whilst carrying interest confer a right to participate
in the profits.
Dividends
to be paid
out of profits; special
power of board.
Restriction
on amount of
dividends,
Dividend
not to carry interest.
Debts may be deducted.
Effect of transfer.
Retention
of dividend in certain cases.
Currency and rate of exchange of dividends.
Payments
to joint holders.
Payment by post.
126. No dividend shall be payable except out of the profits of the bank, and the declaration of the board as to the amount available for dividend shall be conclusive. Pro- vision if any for any loss realized or estimated or apprehend- ed may, when thought fit, be spread over such period of time and by such instalments as the board thinks fit.
127. No larger dividend shall be declared than is re- commended by the board, but the shareholders in general meeting may declare a smaller dividend or bonus.
128. No dividend shall bear interest against the bank.
129. The directors may retain any dividends upon which the bank has a lien, and may apply the same in or towards satisfaction of the debts, liabilities or engagements in res- pect of which the lien exists.
130. A transfer of shares shall not pass the right to any dividend declared thereon before the registration of the transfer.
131. The directors may retain any dividend payable upon shares in respect of which any person is under the transmission clause entitled to become a shareholder, or which any person under that clause is entitled to transfer, until such person becomes a shareholder in respect thereof or duly transfers the same.
132. Dividends shall be paid in such currency and at such rate of exchange as the board may determine.
133. Any one of several persons who are registered as the joint holders of any shares may give effectual receipts for all dividends and payments on account of dividends in respect of such shares.
134. Unless otherwise directed by the board any dividend may be paid by cheque or warrant sent through the post to the registered address of the shareholder entitled,
392
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