1989 Ed.]
The Hongkong and Shanghai Bank Regulations
[CAP. 70
A 53
[Subsidiary]
board to the contrary, only be entitled to have paid to him in respect of dividends on such shares a proportionate part of the dividends for such financial year calculated on the proportionate part of the year from the dates on which the calls on such shares were payable, treating such dividends as earned rateably over the whole year or other financial period to which the dividend relates. The board may from time to time pay to the shareholders such interim dividend as in its judgment the position of the bank justifies.
125. Capital paid in advance
Where capital is paid up in advance of calls upon the footing that the same shall carry interest, such capital shall not whilst carrying interest confer a right to participate in the profits.
126. Dividends to be paid out of profits; special power of board
No dividend shall be payable except out of the profits of the bank (whether standing to the credit of the bank's reserve fund or funds, profit and loss account or otherwise available for distribution), 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.
(L.N. 334 of 1989)
127. Restriction on amount of dividends
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.
129. Dividend not to carry interest
No dividend shall bear interest against the bank.
Debts may be deducted
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. Effect of transfer
Notwithstanding any other provision of these regulations, the board may fix any date as the record date for any dividend, distribution, allotment or issue
1989 Ed.]
The Hongkong and Shanghai Bank Regulations
[CAP. 70
A 53
[Subsidiary]
board to the contrary, only be entitled to have paid to him in respect of dividends on such shares a proportionate part of the dividends for such financial year calculated on the proportionate part of the year from the dates on which the calls on such shares were payable, treating such dividends as earned rateably over the whole year or other financial period to which the dividend relates. The board may from time to time pay to the shareholders such interim dividend as in its judgment the position of the bank justifies.
125. Capital paid in advance
Where capital is paid up in advance of calls upon the footing that the same shall carry interest, such capital shall not whilst carrying interest confer a right to participate in the profits.
126.
Dividends to be paid out of profits;
special power of board
No dividend shall be payable except out of the profits of the bank (whether standing to the credit of the bank's reserve fund or funds, profit and loss account or otherwise available for distribution), 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.
(L.N. 334 of 1989)
127.
Restriction on amount of dividends
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.
129.
Dividend not to carry interest
No dividend shall bear interest against the bank.
Debts may be deducted
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. Effect of transfer
Notwithstanding any other provision of these regulations, the board may fix any date as the record date for any dividend, distribution, allotment or issue
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