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Explanatory Memorandum
The purpose of this Bill is to transfer the undertaking of Middle East Finance International Limited, which is a deposit-taking company registered under the Banking Ordinance (Cap.155) and is incorporated in Hong Kong, to Emirates Bank International Limited, which is licensed a restricted licence bank under the Banking Ordinance and is incorporated in the Emirate of Dubai.
as
a
2.
The Bill provides for the vesting of the undertaking of Middle East Finance International Limited in Emirates Bank International Limited on the appointed day (clause 5), for the revocation of the registration of Middle East Finance International Limited as deposit-taking company and contains a number of supplementary provisions relating, inter alia, to the vesting of property in relation to trusts and wills (clause 6), the accounting treatment of Middle East Finance International Limited and Emirates Bank International Limited (clause 8), the relationship with customers, borrowers, employees and other third parties (clauses 7, 9 and 10) and evidence (clauses 11 to 13).
JOHNSON STOKES & MASTER
Solicitors for
Middle East Finance International Limited
DEACONS
Solicitors for
Emirates Bank International Limited