CAP. 1146]
First Pacific Bank Limited
[1989 Ed.
Pacific Bank shall give joint notice in the Gazette to that effect and shall again give joint notice in the Gazette stating the next day so appointed or, as the case may be, the day which was the appointed day.
4. Change of name, reduction of capital
and revocation of banking licence
(1) On the appointed day, by virtue of this Ordinance-
(a) the name of Far East Bank shall, in accordance with this section,
be changed to "FEB (1989) Limited";
(b) the share premium account of Far East Bank shall, in accordance with this section, be reduced to such amount as is equal to the value of the excluded property, as recorded in the books of account of Far East Bank, less the nominal amount of the issued share capital of Far East Bank as at the appointed day, and the credit arising in the books of account of Far East Bank as a result of such reduction of the share premium account shall be applied in creating a special non-distributable reserve which shall be transferred to First Pacific Bank pursuant to section 8(1)(b); and
(c) the banking licence of Far East Bank shall, in accordance with
this section, be revoked.
(2) Not less than 3 days before the appointed day Far East Bank shall deliver to the Registrar of Companies a copy of this Ordinance together with a minute, signed by a director or the secretary of Far East Bank, showing with respect to the share capital of Far East Bank, as altered by this Ordinance, the amount retained in the share premium account.
(3) The Registrar of Companies shall, pursuant to this Ordinance, register the copy of the Ordinance and the minute delivered to him pursuant to subsection (2) and on the appointed day-
(a) shall enter the new name of Far East Bank in the register in place of its former name and issue to Far East Bank a certificate of incorporation on change of name stating Far East Bank's new name; and
(b) certify under his hand the registration of the Ordinance and the minute, which certificate shall be conclusive evidence that the share premium account of Far East Bank is as stated in the minute.
5. Vesting of the undertaking in First Pacific Bank
(1) On the appointed day the undertaking shall, by virtue of this Ordinance and without further act or deed, be transferred to, and vest in, First Pacific Bank to the intent that First Pacific Bank shall succeed to the whole undertaking as if in all respects First Pacific Bank were the same person in law as Far East Bank.