5
Repeal and
replacement
of section 25.
Right of surely who discharges liability to assignment of all securities held by creditor.
1856 97. 4. 5.
-
17, (1) Every person who, being surety for the debt or duty of another or being liable with another for any debt or duty, pays such debt or performs such duty, shall be entitled to have assigned to him, or to a trusted for him, every judgment, specialty, or other security which is held by the creditor in respect of such debt or duty, whether such judgment, specialty, or other security is or is not deemed at law to have been satisfied by the payment of the debt or performance of the duty.
(2) Such person shall be entitled to stand in the place of the creditor, to use all the remedies, and, if need be and upon a proper indemnity, to use the name of the creditor, în any action or other proceeding at law or in equity, in order to obtain from the prin- cipal debtor or any co-surety, co-contractor or co- debtor, as the case may be, indemnification for the advances made and loss sustained by the person who has so paid such debt or performed such duty, and such payment or performance so made by such surety shall not be a bar to any such action or other proceed- ing by him.
(3) No co-surety, co-contractor, or co-debtor, shall be entitled to recover from any other co-surety. co-contractor, or co-debtor, by the means aforesaid, more than the just proportion to which, as between those parties themselves, such last mentioned person is justly liable.".
**
3. Section 25 of the principal Ordinance and its heading "Execution of Instruments under Seal by Foreign Corporations." are repealed and replaced by the following-
Validity of instruments under scal executed by persons mot appointed under seal.
"Instruments under Seal by Foreign Corporations.
25. The fact that a power of attorney or docu- ment of authorization given by a foreign corporation to or in favour of any person is not under seal sball not, if such power of attorney or document of authori- zation is valid as a power of attorney or document of authorization in accordance with the laws of the state under which such corporation is incorporated, affect, for any purpose intended to be effected within Hong Kong, the validity or effect of any instrument under seal executed on behalf of such corporation by such person, which shall for all such purposes be as valid as if such authority had been under seal.
(2) In this section, "foreign corporation" means any corporate body duly incorporated in accordance with the laws of any foreign state, and "foreign state” does not include any British protectorate.".
4. The Schedule to the Application of English Law Ordin- ance is amended by deleting items [6 and $5.
Passed by the Hong Kong Legislative Council this 6th day of October, 1971,
Elerk to the Legislative Council.
This printed impression has been carefully compared by me with the bill, and is found by me to be a true and correctly printed copy of the said bill.
to the Legislative Council,
Amendment of Cap. 88.