1964_THE_HONGKONG_AND_SHANGHAI_BANKING_REGULATIONS — Page 39

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1989 Ed.]

The Hongkong and Shanghai Bank Regulations

[CAP. 70

A 39

[Subsidiary]

Rotation of directors

91. Retirement of directors by rotation

In addition to any director whose office may be vacated in accordance with the provisions of regulation 89(h), at the annual general meeting to be held in each year three of the directors shall retire from office.

(L.N. 61 of 1969; L.N. 157 of 1987)

92. Which directors to retire

The directors to retire under regulation 91 shall be the three who have been longest in office since their last election. As between directors of equal time in office the directors to retire shall (unless such directors agree among themselves) be selected from among them by lot. The length of time a director has been in office shall be computed from his last election or appointment whichever is later in date.

(L.N. 334 of 1989)

93. General meeting may fill vacancies

The shareholders at the meeting at which a director retires in manner aforesaid may fill the vacated office by electing thereto the retiring director or some other person eligible for appointment and in default the retiring director shall if offering himself for re-election be deemed to have been re-elected, unless at such meeting it is expressly resolved not to fill such vacated office or unless a resolution for the re-election of such director shall have been put to the meeting and lost. The retirement shall not have effect until the conclusion of the meeting except where a resolution is passed to elect some other person in the place of the retiring director or a resolution for his re-election is put to the meeting and lost and accordingly a retiring director who is re-elected or deemed to have been re-elected will continue in office without a break.

(L.N. 334 of 1989)

94. Retiring director to remain in office till end of meeting at which successor elected and to be eligible for re-election

Every director retiring by rotation shall continue to hold office until the termination of the meeting at which his successor is elected, and shall be eligible for re-election.

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93. General meeting may fill vacanciesThe shareholders at the meeting at which a director retires in manner aforesaid may fill the vacated office by electing thereto the retiring director or some other person eligible for appointment and in default the retiring director shall if offering himself for re-election be deemed to have been re-elected, unless at such meeting it is expressly resolved not to fill such vacated office or unless a resolution for the re-election of such director shall have been put to the meeting and lost. The retirement shall not have effect until the conclusion of the meeting except where a resolution is passed to elect some other person in the place of the retiring director or a resolution for his re-election is put to the meeting and lost and accordingly a retiring director who is re-elected or deemed to have been re-elected will continue in office without a break.(L.N. 334 of 1989)94. Retiring director to remain in office till end of meeting at which successor elected and to be eligible for re-electionEvery director retiring by rotation shall continue to hold office until the termination of the meeting at which his successor is elected, and shall be eligible for re-election.
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93. General meeting may fill vacanciesThe shareholders at the meeting at which a director retires in manner aforesaid may fill the vacated office by electing thereto the retiring director or some other person eligible for appointment and in default the retiring director shall if offering himself for re-election be deemed to have been re-elected, unless at such meeting it is expressly resolved not to fill such vacated office or unless a resolution for the re-election of such director shall have been put to the meeting and lost. The retirement shall not have effect until the conclusion of the meeting except where a resolution is passed to elect some other person in the place of the retiring director or a resolution for his re-election is put to the meeting and lost and accordingly a retiring director who is re-elected or deemed to have been re-elected will continue in office without a break.(L.N. 334 of 1989)94. Retiring director to remain in office till end of meeting at which successor elected and to be eligible for re-electionEvery director retiring by rotation shall continue to hold office until the termination of the meeting at which his successor is elected, and shall be eligible for re-election.
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1989 Ed.]

The Hongkong and Shanghai Bank Regulations

[CAP. 70

A 39

[Subsidiary]

Rotation of directors

91. Retirement of directors by rotation

In addition to any director whose office may be vacated in accordance with the provisions of regulation 89(h), at the annual general meeting to be held in each year three of the directors shall retire from office.

(L.N. 61 of 1969; L.N. 157 of 1987)

92. Which directors to retire

The directors to retire under regulation 91 shall be the three who have been longest in office since their last election. As between directors of equal time in office the directors to retire shall (unless such directors agree among themselves) be selected from among them by lot. The length of time a director has been in office shall be computed from his last election or appointment whichever is later in date.

(L.N. 334 of 1989)

93. General meeting may fill vacancies

The shareholders at the meeting at which a director retires in manner aforesaid may fill the vacated office by electing thereto the retiring director or some other person eligible for appointment and in default the retiring director shall if offering himself for re-election be deemed to have been re-elected, unless at such meeting it is expressly resolved not to fill such vacated office or unless a resolution for the re-election of such director shall have been put to the meeting and lost. The retirement shall not have effect until the conclusion of the meeting except where a resolution is passed to elect some other person in the place of the retiring director or a resolution for his re-election is put to the meeting and lost and accordingly a retiring director who is re-elected or deemed to have been re-elected will continue in office without a break.

(L.N. 334 of 1989)

94. Retiring director to remain in office till end

of meeting at which successor elected and

to be eligible for re-election

Every director retiring by rotation shall continue to hold office until the termination of the meeting at which his successor is elected, and shall be eligible for re-election.

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