CAP. 1142]
Deutsche Bank (Merger)
[1988 Ed.
endorsed before, on or after the appointed day, shall have the same effect on and from the appointed day, as if it had been drawn on, or given to, or accepted or endorsed by Deutsche Bank, or were payable at the same place of business of Deutsche Bank.
(f) The custody of any document or record, goods or other thing held by DB Asia as bailee shall pass to Deutsche Bank on the appointed day, and the rights and obligations of DB Asia under any contract of bailment relating to any such document or record, goods or thing shall on that day become rights and obligations of Deutsche Bank.
(g)
(i) Any security held immediately before the appointed day by DB Asia, or by a nominee or agent of or trustee for DB Asia, as security for the payment or discharge of any liability shall, on and from the appointed day, be held by, or, as the case may require, by that nominee, agent or trustee for, Deutsche Bank, and be available to Deutsche Bank (whether for its own benefit or, as the case may be, for the benefit of any other person) as security for the payment or discharge of that liability;
(ii) in relation to any security vested in Deutsche Bank in accordance with the provisions of this Ordinance and any liabilities thereby secured, Deutsche Bank shall be entitled to the rights and priorities and be subject to the obligations and incidents to which DB Asia would have been entitled and subject if it had continued to hold the security;
(iii) without prejudice to the generality of sub-paragraph (ii), in any case where any existing liability subsists between DB Asia and Deutsche Bank in respect of which DB Asia or Deutsche Bank, or a nominee or agent of or trustee for DB Asia or Deutsche Bank holds security, that liability shall, for the purpose of enforcing or realizing that security, be deemed to continue in effect notwithstanding the vesting in Deutsche Bank of the undertaking;
(iv) any security referred to in sub-paragraph (i), (ii) or (iii) and which extends to future advances or liabilities shall, on and from the appointed day, be available to Deutsche Bank (whether for its own benefit or, as the case may be, for the benefit of any other person) as security for the payment or discharge of future advances and future liabilities to the same extent and in the same manner in all respects as future advances by, or liabilities to, DB Asia or, as the case may be, Deutsche Bank were secured thereby immediately before that day.
(h) Where by virtue of this Ordinance any right or liability of DB Asia is deemed to become a right or liability of Deutsche Bank, Deutsche Bank and all other persons shall, on and from the appointed day, have the same rights, powers and remedies (and in particular the same rights and powers as to taking or resisting legal proceedings or making or resisting applications to any authority) for ascertaining, perfecting or enforcing that right or liability as if it had at all times been a right or liability of Deutsche Bank; and any legal proceedings or application to any authority existing or pending immediately before the appointed day by or against DB Asia may be continued by or against Deutsche Bank.