DEUTSCHE BANK (MERGER)
Ord. No. 17/88
A67
"security" includes a mortgage or charge (whether legal or equitable), debenture, bill of exchange, promissory note, guarantee, lien, pledge (whether actual or constructive), hypothecation, assignment by way of security, indemnity, right of set-off, undertaking or other means of securing payment or discharge of a liability (whether present or future, actual or contingent);
"the undertaking" means the business and all existing property and liabilities
of DB Asia of whatsoever nature;
"will" includes a codicil and any other testamentary writing.
(2) Any reference in this Ordinance to property or liabilities of DB Asia is a reference to property or liabilities to which DB Asia is for the time being entitled or subject (whether beneficially or in any fiduciary capacity), wherever such property or liabilities are situated or arise and whether or not capable of being transferred or assigned by DB Asia, and whether DB Asia is entitled to such property or subject to such liabilities under the law of Hong Kong or under the law of any country or territory outside Hong Kong.
(3) Any body politic or corporate and any other person or persons whose rights are affected by any of the provisions of this Ordinance shall be deemed to be mentioned herein.
3. Deutsche Bank shall give notice in the Gazette of the day expected to be the appointed day save that, in the event that such day proves not to be the appointed day for any reason, Deutsche Bank shall give notice in the Gazette to that effect and shall again give notice in the Gazette of the next day expected to be the appointed day or, as the case may be, of the day which was the appointed day.
Notice of appointed day.
vesting of DB Asia's undertaking in Deutsche Bank.
4. On the appointed day that part of the undertaking of DB Asia Recognition of which is governed by Hong Kong law or the transfer of which is governed by Hong Kong law or which is derived from the Hong Kong business of DB Asia shall be deemed for the purpose of Hong Kong law to be transferred to, and vest in, Deutsche Bank to the intent that Deutsche Bank shall succeed to such part of the undertaking of DB Asia as if in all respects Deutsche Bank were the same person in law as DB Asia.
5. (1) Any property deemed to be vested in Deutsche Bank by virtue Trust property of this Ordinance which immediately before the appointed day was held by and wills. DB Asia, whether alone or jointly with any other person, as trustee or custodian trustee of any trust deed, settlement, covenant, agreement or will (whether originally so appointed or not, and whether appointed under hand or seal, or by order of any court), or as executor of the will, or administrator of the estate, of a deceased person or as judicial trustee appointed by order of any court, or in any other fiduciary capacity, shall, on and from the appointed day, be held by Deutsche Bank alone or, as the case may be, jointly with such other person, in the same capacity upon the trusts, and with and subject to the powers, provisions and fiabilities, applicable thereto respectively.
(2) Any existing instrument or order of any court under or by virtue of which any property became vested in DB Asia in any such fiduciary capacity as is referred to in subsection (1) (including in the case of a will any grant of probate thereof), and any provision in such instrument or order, or any existing contract or arrangement, for the payment to, or retention by, DB Asia of remuneration for its services in any such fiduciary capacity, shall, on