(i) Any judgement or award obtained by or against Dao Heng Bank
and not fully satisfied before the appointed day shall on that day, to the extent to which it is enforceable by or against Dao Heng Bank, become enforceable by or against Hang Lung Bank.
(j) Nothing in this Ordinance shall terminate or prejudicially affect the appointment, authority, rights or powers of any receiver or of any receiver and manager appointed by Dao Heng Bank, whether alone or with others, before the appointed day.
Accounting treatment of Dao Heng Bank and Hang Lung Bank
9.(1)
(2)
On and from the appointed day, by virtue of this Ordinance and notwithstanding the provisions of any other Ordinance -
(a) the balance sheets and profit and loss accounts of Dao Heng
Bank and Hang Lung Bank for the accounting period of each company in which the appointed day falls shall be prepared in all respects as if the undertaking had vested in Hang Lung Bank pursuant to section 6 on the first day of such accounting period of Dao Heng Bank;
(b)
(c)
(d)
(e)
every existing reserve of Dao Heng Bank (except the excluded reserves) shall be transferred to and for all purposes be and become a reserve of Hang Lung Bank;
the amount, description and character of every reserve of Hang Lung Bank which shall come into being pursuant to paragraph (b) shall be the same in all respects as those of the corresponding existing reserve immediately before such appointed day, and all enactments and rules of law shall apply to or in respect of every such reserve of Hang Lung Bank in the same manner in all respects as they applied to or in respect of the corresponding existing reserve immediately before the appointed day;
all property comprising interests in land and buildings forming part of the undertaking shall, for the purposes of preparing the balance sheet of Hang Lung Bank, be deemed to have been acquired by Hang Lung Bank at a value equal to the independent valuation of such property as at [
1989 obtained by Dao Heng Bank [adjustments for capital expenditure]; and
]
any retained profits of Dao Heng Bank as at the first day of such accounting period of Dao Heng Bank (except those retained earnings forming part of the excluded reserves) shall be distributable by Hang Lung Bank.
Every reference in subsection (1) to an existing reserve shall include a reference to any reserve or similar provision,
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