1964_THE_HONGKONG_AND_SHANGHAI_BANKING_REGULATIONS — Page 22

HK Historical Laws 香港歷史法例 All AI Reviewed
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A 22

CAP. 70]

The Hongkong and Shanghai Bank Regulations

[1989 Ed.

[Subsidiary]

abeyance until the share be sold, reallotted or otherwise disposed of by the board for the benefit of the bank, or be restored to the defaulter or some person claiming under him as provided by regulation 40.

37. Notice and entry of forfeiture

When any share has been so forfeited notice of the resolution shall be given to the shareholder in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the register.

38. Board may accept composition for call

If any person from whom any call or interest thereon or any part thereof is due, and whose share has been declared forfeited for non-payment thereof, shows to the satisfaction of the board that he is unable to pay the whole amount then remaining due from him in respect of such call or interest, the board may accept from him such sum by way of composition for and in lieu of the whole amount so then due from him as the board may determine; and upon the payment of such composition may discharge him from all claims and demands whatsoever then remaining due in respect of such call and interest; but no such composition shall be accepted from any person while he continues a shareholder in his own right in respect of any share besides the share so forfeited, or shall give him any claim to or in respect of the share so forfeited.

39. Forfeited shares to become property of bank

Any share so forfeited shall be the property of the bank and the board may sell, reallot and otherwise dispose of the same in such manner as it thinks fit.

40. Power to annul forfeiture

The board may, at any time before any share so forfeited has been sold, reallotted or otherwise disposed of, annul the forfeiture thereof and restore the same to the defaulter or some person claiming under him upon such conditions as it thinks fit.

41. Forfeiture of share to extinguish claims on the bank

(L.N. 157 of 1987)

The forfeiture of a share shall involve the extinction at the time of the forfeiture of all interest in and all claims and demands against the bank in respect of the share and all other rights incident to the share, as between the

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2026-05-05 14:36:47 · NVIDIA / meta/llama-4-maverick-17b-128e-instruct
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A 22CAP. 70]The Hongkong and Shanghai Bank Regulations[1989 Ed.[Subsidiary]abeyance until the share be sold, reallotted or otherwise disposed of by the board for the benefit of the bank, or be restored to the defaulter or some person claiming under him as provided by regulation 40.37. Notice and entry of forfeitureWhen any share has been so forfeited notice of the resolution shall be given to the shareholder in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the register.38. Board may accept composition for callIf any person from whom any call or interest thereon or any part thereof is due, and whose share has been declared forfeited for non-payment thereof, shows to the satisfaction of the board that he is unable to pay the whole amount then remaining due from him in respect of such call or interest, the board may accept from him such sum by way of composition for and in lieu of the whole amount so then due from him as the board may determine; and upon the payment of such composition may discharge him from all claims and demands whatsoever then remaining due in respect of such call and interest; but no such composition shall be accepted from any person while he continues a shareholder in his own right in respect of any share besides the share so forfeited, or shall give him any claim to or in respect of the share so forfeited.39. Forfeited shares to become property of bankAny share so forfeited shall be the property of the bank and the board may sell, reallot and otherwise dispose of the same in such manner as it thinks fit.40. Power to annul forfeitureThe board may, at any time before any share so forfeited has been sold, reallotted or otherwise disposed of, annul the forfeiture thereof and restore the same to the defaulter or some person claiming under him upon such conditions as it thinks fit.41. Forfeiture of share to extinguish claims on the bank(L.N. 157 of 1987)The forfeiture of a share shall involve the extinction at the time of the forfeiture of all interest in and all claims and demands against the bank in respect of the share and all other rights incident to the share, as between the
Baseline (Original)
A 22CAP. 70]The Hongkong and Shanghai Bank Regulations[1989 Ed.[Subsidiary]abeyance until the share be sold, reallotted or otherwise disposed of by the board for the benefit of the bank, or be restored to the defaulter or some person claiming under him as provided by regulation 40.37. Notice and entry of forfeitureWhen any share has been so forfeited notice of the resolution shall be given to the shareholder in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the register.38. Board may accept composition for callIf any person from whom any call or interest thereon or any part thereof is due, and whose share has been declared forfeited for non-payment thereof, shows to the satisfaction of the board that he is unable to pay the whole amount then remaining due from him in respect of such call or interest, the board may accept from him such sum by way of composition for and in lieu of the whole amount so then due from him as the board may determine; and upon the payment of such composition may discharge him from all claims and demands whatsoever then remaining due in respect of such call and interest; but no such composition shall be accepted from any person while he continues a shareholder in his own right in respect of any share besides the share so forfeited, or shall give him any claim to or in respect of the share so forfeited.39. Forfeited shares to become property of bankAny share so forfeited shall be the property of the bank and the board may sell, reallot and otherwise dispose of the same in such manner as it thinks fit.40. Power to annul forfeitureThe board may, at any time before any share so forfeited has been sold, reallotted or otherwise disposed of, annul the forfeiture thereof and restore the same to the defaulter or some person claiming under him upon such conditions as it thinks fit.41. Forfeiture of share to extinguish claims on the bank(L.N. 157 of 1987)The forfeiture of a share shall involve the extinction at the time of the forfeiture of all interest in and all claims and demands against the bank in respect of the share and all other rights incident to the share, as between the
2026-05-05 14:36:47 · Baseline
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A 22

CAP. 70]

The Hongkong and Shanghai Bank Regulations

[1989 Ed.

[Subsidiary]

abeyance until the share be sold, reallotted or otherwise disposed of by the board for the benefit of the bank, or be restored to the defaulter or some person claiming under him as provided by regulation 40.

37. Notice and entry of forfeiture

When any share has been so forfeited notice of the resolution shall be given to the shareholder in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the register.

38. Board may accept composition for call

If any person from whom any call or interest thereon or any part thereof is due, and whose share has been declared forfeited for non-payment thereof, shows to the satisfaction of the board that he is unable to pay the whole amount then remaining due from him in respect of such call or interest, the board may accept from him such sum by way of composition for and in lieu of the whole amount so then due from him as the board may determine; and upon the payment of such composition may discharge him from all claims and demands whatsoever then remaining due in respect of such call and interest; but no such composition shall be accepted from any person while he continues a shareholder in his own right in respect of any share besides the share so forfeited, or shall give him any claim to or in respect of the share so forfeited.

39. Forfeited shares to become property of bank

Any share so forfeited shall be the property of the bank and the board may sell, reallot and otherwise dispose of the same in such manner as it thinks fit.

40. Power to annul forfeiture

The board may, at any time before any share so forfeited has been sold, reallotted or otherwise disposed of, annul the forfeiture thereof and restore the same to the defaulter or some person claiming under him upon such conditions as it thinks fit.

41. Forfeiture of share to extinguish claims on the bank

(L.N. 157 of 1987)

The forfeiture of a share shall involve the extinction at the time of the forfeiture of all interest in and all claims and demands against the bank in respect of the share and all other rights incident to the share, as between the

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