1989 Ed.]
Hang Lung Bank (Acquisition)
[CAP. 345
1
CHAPTER 345
HANG LUNG BANK (ACQUISITION)
To provide for the acquisition by the Government of the Hang Lung Bank, Limited, the carrying on of the business of that Bank, the compensation payable in respect of such acquisition and for connected purposes.
[28 September 1983]
Originally 56 of 1983 — R. Ed. 1983, L.N. 180 of 1985, 27 of 1986, L.N. 329 of 1989
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1. Short title
This Ordinance may be cited as the Hang Lung Bank (Acquisition) Ordinance.
2. Interpretation
In this Ordinance, unless the context otherwise requires- "commencement" means the commencement of this Ordinance; "the company" means the Hang Lung Bank, Limited AD; "former director" means any director of the company or any of its subsidiaries removed from office by section 7; "subsidiary" has the same meaning as in the Companies Ordinance (Cap. 32).
3. Vesting in Financial Secretary Incorporated of shares of the Company
(1) Subject to this Ordinance, all the shares in the capital of the company shall by virtue of this section vest in the Financial Secretary Incorporated for and on behalf of the Government free from all trusts and incumbrances.
(2) The Financial Secretary Incorporated shall, in respect of the shares which vest in it by virtue of subsection (1), be entitled or subject, as from commencement, to the exclusion of the previous holders thereof, to all rights, privileges and advantages and all the liabilities and obligations arising from the holding of those shares, in all respects as if the shares had been duly transferred to the Financial Secretary Incorporated in accordance with the enactments and rules of law (other than this Ordinance) applicable thereto and everything necessary to make the transfer of those rights, privileges, advantages, liabilities and obligations fully effective had been done.