A 52
CAP. 70]
The Hongkong and Shanghai Bank Regulations
[1989 Ed.
[Subsidiary]
reserve fund or funds or profit and loss account or any sum or sums of money standing to the credit of the bank's share premium account, 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. (L.N. 334 of 1989)
(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 deal with fractions in any manner which it may in its absolute discretion determine (including making provision for their retention by the Bank), and prior to such allotment the board may authorize any person on behalf of the shareholders to enter into any agreement with the bank providing for the allotment to them of such shares credited as paid up shares as aforesaid, and in satisfaction as aforesaid, and any agreement made under such authority shall be effective. (L.N.97 of 1977)
Dividends
123. Disposition of profits
Subject to the provisions of these regulations and to the rights of holders of shares issued upon special conditions, and to any arrangement that may be made by the shareholders to the contrary, and subject as to shares not fully paid to any special arrangement made as regards money paid in advance of calls, the profits of the bank for the time being available for dividend, which it is from time to time determined to divide in respect of any year, shall be divided among the shareholders in proportion to the capital paid or credited on the shares held by them respectively.
124.
Declaration of dividends; employees' bonuses; proportionate and interim dividends
The board may, with the sanction of the shareholders in general meeting, declare a dividend to be paid to the shareholders according to their rights and interest in the profits and may fix the time for payment, and may with the like sanction declare and pay a dividend out of any reserve fund and fix the time for payment thereof, and may with the like sanction declare bonuses to the bank's employees or any of them:
Provided always that if shares have been issued during the course of a financial year the holder thereof shall, subject to any arrangement made by the
A 52
CAP. 70]
The Hongkong and Shanghai Bank Regulations
[1989 Ed.
[Subsidiary]
reserve fund or funds or profit and loss account or any sum or sums of money standing to the credit of the bank's share premium account, 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. (L.N. 334 of 1989)
(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 deal with fractions in any manner which it may in its absolute discretion determine (including making provision for their retention by the Bank), and prior to such allotment the board may authorize any person on behalf of the shareholders to enter into any agreement with the bank providing for the allotment to them of such shares credited as paid up shares as aforesaid, and in satisfaction as aforesaid, and any agreement made under such authority shall be effective. (L.N.97 of 1977)
Dividends
123. Disposition of profits
Subject to the provisions of these regulations and to the rights of holders of shares issued upon special conditions, and to any arrangement that may be made by the shareholders to the contrary, and subject as to shares not fully paid to any special arrangement made as regards money paid in advance of calls, the profits of the bank for the time being available for dividend, which it is from time to time determined to divide in respect of any year, shall be divided among the shareholders in proportion to the capital paid or credited on the shares held by them respectively.
124.
Declaration of dividends; employees' bonuses; proportionate and interim dividends
The board may, with the sanction of the shareholders in general meeting, declare a dividend to be paid to the shareholders according to their rights and interest in the profits and may fix the time for payment, and may with the like sanction declare and pay a dividend out of any reserve fund and fix the time for payment thereof, and may with the like sanction declare bonuses to the bank's employees or any of them:
Provided always that if shares have been issued during the course of a financial year the holder thereof shall, subject to any arrangement made by the
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