3 3 AUG 1989
RICHARDS BUTLER
齊伯禮 律師行
C. G. Howse
A. R. M. Morgan
R. C. Nicholson
A. P. Biggs*
J. A. C. Ayton D. J. Coogans N. J. O. Fell
P. J. Fortune
E. G. Gray
Clara Choy
D. M. Norman
Joanna Eddings
L. T. Eastt
ASSISTANTS
Elizabeth Hardy A. S. Hughes
P. W. Lowe Sheila Ma A. D. Morrison Jane Pringle D. A. Stokes
Our Reference
Your Reference
APB/s1/5161G
19th Floor
Alexandra House Chater Road
Hong Kong
Telephone 5-8108008
Telex
62554 RBLAW HX
Fax 5-8100664
23rd August, 1989
Mr. Stefan Gannon
Banking Commission
9/F., Queensway Government Offices
Hong Kong
Dear Mr. Gannon,
Merger of First Pacific Bank and Far East Bank
Further to my letter of 17th August, I now write with regard to the point raised in relation to stamp duty.
I
It is unclear whether stamp duty would be payable on the transfer of registered securities pursuant to the ordinance. have checked various UK precedents but the problem does not generally arise there due to the fact that there is relief in any event from stamp duty on group reorganisations.
However, there is precendent in various UK Acts, such as that relating to the reorganisation of British Airways, for a simple statement to the effect that stamp duty would not be chargeable on any transfer pursuant to the Act.
In the circumstances, for the avoidance of doubt, I would prefer to include a specific provision in this merger ordinance stating the stamp duty would not be payable on any transfer of registered securities pursuant to the terms of the ordinance.
copy of the revised ordinance
revised ordinance is enclosed and you will see that the amendment consists of the insertion of a new section 12 (4) and the renumbering of the previous sub-section 12 (4) as 12(5).
A
Yours sincerely,
Andrew Biggs
Encl.
LONDON
5 Clifton St
London
EC2A 4DQ
England
Telephone 01-247 6555
Telex 949494 RBLAW G
Fax 01-247 5091
01-377 5958
Notary Public
and at:
61 St. Mary Axe
London
EC3A 8AA
England
Telephone 01-621 1144
Telex 949494 RBLAW G
Fax 01-929 132
01-929 3507.
ABU DHABI
PO Box 6904
Saif Bin Ghobash Building Zayed the Second Street Abu Dhabi U.A.E. Telephone 2-725561/778600 Telex 22261 RBLAW EM
Fax 2-778630
+ Not ordinarily resident in Hong Kong
TOKYO
(Associated Office)
The Billis Law Office Sunbridge Ogawamachi Building 2-3 Kanda-Ogawamachi 2-chome, Chiyoda-ku Tokyo 101, Japan Telephone 3-292 2500/4 Telex J 33232 RBLAW Fax 3 292 2506