HSBC 2004 Annual Report Download - page 9

HSBC HOLDINGS PLC
Information about the Enforceability of Judgements made in the United States
7
HSBC Holdings is a public limited company
incorporated in England and Wales. Most of HSBC
Holdings’ Directors and executive officers live
outside the United States. As a result, it may not be
possible to serve process on such persons or HSBC
Holdings in the United States or to enforce
judgements obtained in US courts against them or
HSBC Holdings based on civil liability provisions of
the securities laws of the United States. There is
doubt as to whether English courts would enforce:
• certain civil liabilities under US securities laws
in original actions; or
• judgements of US courts based upon these civil
liability provisions.
In addition, awards of punitive damages in
actions brought in the United States or elsewhere
may be unenforceable in the United Kingdom. The
enforceability of any judgement in the United
Kingdom will depend on the particular facts of the
case as well as the laws and treaties in effect at the
time.
Exchange Controls and Other Limitations affecting Equity Security Holders
There are currently no UK laws, decrees or
regulations which would prevent the import or
export of capital or remittance of distributable
profits by way of dividends and other payments to
holders of HSBC Holdings’ equity securities who
are not residents of the United Kingdom. There are
also no restrictions under the laws of the United
Kingdom or the terms of the Memorandum and
Articles of Association of HSBC Holdings
concerning the right of non-resident or foreign
owners to hold HSBC Holdings’ equity securities or,
when entitled to vote, to do so.