ATTORNEY GENERALS CHAMBERS
042 P04
1
Ser
PN860
?
Notice of
appointed day.
Х
Recognition of vesting of DB Asia's
undertaking in Deutsche Bank.
Trust property and wills.
под цорг
Such pot?
Lamen
S. NO. 6 TO GAZETTE NO. 8/1988
"security" includes a mortgage or charge (whethe legal or equitable), debenture, bill of exchange, promissory note, garantee, lien, pledge (whether actual or constructive), hypothecation, ssignment by way of security, indemnity, right of set-off, undertakin or other means of securing payment or discharge of a liability (whener present or future, actual or contingent);
"the undertaking" means the business and all existing roperty and liabilities
of DB Asia of whatsoever nature;
“will” includes a codicil and any other testamentary viting.
(2) Any reference in this Ordinance to propert or liabilities of DB Asia is a reference to property or liabilities to which 13 Asia is for the time being entitled or subject (whether beneficially or in ar fiduciary capacity), wherever such property or liabilities are situated or ariz and whether or not capable of being transferred or assigned by DB Asia, nd whether DB Asia is entitled to such property or subject to such liabilies under the law of Hong Kong or under the law of any country or te:itory outside Hong Kong.
(3) Any body politic or corporate and any othr/ person or persons whose rights are affected by any of the provisions of us Ordinance shall be deemed to be mentioned herein.
3.
Deutsche Bank shall give notice in the Gazet? of the day expected to be the appointed day save that, in the event that suclday proves not to be the appointed day for any reason, Deutsche Bank shll give notice in the Gazette to that effect and shall again give notice in th Gazette of the next day expected to be the appointed day or, as the casemay be, of the day which was the appointed day.
4. It is declared that on the appointed day undertaking shall, without further assurance, be deemed for the purposes f Hong Kong law to have vested in and have been assumed by Deutsche Bak as if in all respects Deutsche Bank were the same person in law as DB Ası.
5. (1) Any property deemed to be vested in Deusche Bank by virtue of this Ordinance which immediately before the appoited day was held by DB Asia, whether alone or jointly with any other prson, as trustee or custodian trustee of any trust deed, settlement, covenat, agreement or will (whether originally so appointed or not, and whether apointed under hand or seal, or by order of any court), or as executor of the ill, or administrator of the estate, of a deceased person or as judicial truste appointed by order of any court, or in any other fiduciary capacity, shd, on and from the appointed day, be held by Deutsche Bank alone or, is the case may be, jointly with such other person, in the same capacity pon the trusts, and with and subject to the powers, provisions and liabilitis, applicable thereto respectively.
(2) Any existing instrument or order of any courtinder or by virtue of which any property became vested in DB Asia in any suh fiduciary capacity as is referred to in subsection (1) (including in the case fa will any grant of probate thereof), and any provision in such instrumet or order, or any existing contract or arrangement, for the payment to,or retention by, DÔ Asia of remuneration for its services in any such fiduciay capacity, shall, on
S. NO. 6 TO GAZETTE NO. 3/1988
and from the appointed day, be construd and have effect, so far as the context permits, as if for any reference therein to DB Asia there were substituted a reference to Deutsche Bank.
(3) No testamentary gift shall be deefned by reason only of the operation of any of the provisions of this rdinance.
PN161
6. Without prejudice to the general y of the foregoing provisions but Supplementary subject to any provision of this Ordinnce to the contrary effect, the provisions. following provisions of this section shall have effect with respect to matters within Hong Kong or subject to the laws of Hong Kong--
(a) Every contract to which DB Asi is a party (whether in writing or
not) shall have effect on and from the appointed day as if
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(i) Deutsche Bank had been aparty thereto instead of DB Asia; (ii) for any reference (howevr worded and whether express or implied) to DB Asia there weresubstituted, as respects anything falling to be done on or after te appointed day, a reference to Deutsche Bank;
(iii) any reference (however worded and whether express or implied) to the directors or to any director, officer or employee of DB Asia were, as respects anything falling to be done on or after the appointed day, a reference to the directors of Deutsche Bank or, as the case may require, to suh director, officer or employee of Deutsche Bank as Deutsche Bak may appoint for that purpose or, in default of appointment, tothe director, officer or employee of Deutsche Bank who corresponds as nearly as may be to the first-mentioned director, officer ir employee.
(b) Sub-paragraph (a){(ii) shall app, to any statutory provision, to any provision of any existing cotract to which DB Asia was not a party and to any provision of ay other existing document (not being a contract or a will) as the apply to a contract to which that paragraph applies:
Provided that such sub-pragraph shall not apply to any existing authorization or exempton under any enactment regulat- ing the carrying on of the busines of DB Asia.
(c) Any account between DB Asi and a customer shall, on the appointed day, become an accont between Deutsche Bank and such customer subject to the sme conditions and incidents as theretofore; and such account shall be deemed for all purposes to be a single continuing account:
Provided that nothing in ths Ordinance shall affect any right of Deutsche Bank or of the cutomer to vary the conditions or incidents subject to which any acount is kept.
(d) Any existing instruction, orde, direction, mandate, power of attorney, authority, undertaking or consent given to DB Asia (whether in writing or not and whether or not in relation to an account) shall have effect, on aid from the appointed day, as if given to Deutsche Bank.
(e) Any negotiable instrument or oder for payment of money drawn on or given to, or accepted or endorsed by, DB Asia, or payable at any place of business of DB Asia, whether so drawn, given.
(ii)