1964_THE_HONGKONG_AND_SHANGHAI_BANKING_REGULATIONS — Page 57

1989 Ed.]

The Hongkong and Shanghai Bank Regulations

[CAP. 70

A 57

[Subsidiary]

(b) in any other distributions, bonuses or rights paid, made, declared or announced prior to or contemporaneously with the payment

or declaration of the relevant dividend,

unless the board shall otherwise specify contemporaneously with the announce- ment by it of its proposal to apply the provisions of paragraph (1) of this regulation to the relevant dividend or with the announcement of the distri- bution, bonus or rights in question.

(3) The board may allot and issue any shares pursuant to paragraph (1) of this regulation without any further authority or consent from shareholders and may do all such other acts and things considered necessary or expedient to give effect to any capitalization pursuant to the provisions of paragraph (1) of this regulation 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). The board may authorize any person to enter into, on behalf of all the shareholders interested, an agreement with the bank providing for the allotment to them of such shares on the terms determined as aforesaid and any agreement made under such authority shall be effective.

(4) The board may on any occasion determine that rights of election under paragraph (1) of this regulation shall not be made available to shareholders who are registered in the register of shareholders, or in respect of shares the transfer of which is registered, after such date as the board may fix subject to such exceptions as the board thinks fit, and in such event the provisions aforesaid shall be read and construed subject to such determination. (L.N. 334 of 1989)

(5) The board may on any occasion determine that rights of election and the allotment of shares under paragraph (1) of this regulation shall not be made available or made to any shareholders with registered addresses in any territory where in the absence of a registration statement or other special formalities the circulation of an offer of such rights of election or the allotment of shares would or might be unlawful, and in such event the provisions aforesaid shall be read and construed subject to such determination.

(6) Notwithstanding the foregoing provisions, if at any time after the announcement of the board's proposal to apply the provisions of paragraph (1) of this regulation in relation to any dividend but prior to the allotment of shares pursuant thereto, the board shall consider that by reason of any event or cir- cumstance arising after such announcement it is no longer expedient or appro- priate to implement that proposal, the board may at its discretion cancel the proposed application of paragraph (1) of this regulation. (L.N. 334 of 1989)

133.

Payments to joint holders

(L.N. 157 of 1987)

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.