1967-HKRS28-8-34_Part02 — Page 34

Addition of new

section 55A.

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under paragraph (ii) of subsection (1) of section 14, nothing in section 182 of the Companies Ordinance shall invalidate any disposition of the property of the bank made by it under the direction of the Com- missioner or such person acting bona fide in the course of the carrying on of the business of the bank.".

52. The principal Ordinance is amended by adding the following new section after section 55–

"Bankruptcy

of unincor-

porated

banks.

(Cap. 6.)

55A. Where---

(a) the Commissioner has assumed control of the business of an unincorporated bank under paragraph (iii) of subsection (1) of section 13 or pursuant to an order of the Governor in Council under paragraph (ii) of subsection (1) of section 14 or some other person has assumed control of the business of such a bank pursuant to a direction of the Commis sioner under paragraph (iii) of subsection (1) of section 13 or an order of the Governor in Council under paragraph (11) of subsection (1) of section 14; and

(5) within three months thereafter, whilst the Commissioner or such other person continues to be in control of the business of such bank, a bankruptcy petition is presented against the bank under the Bankruptcy Ordinance, and on that petition a receiving order is at any time made under the said Ordinance against the bank,

then-

(i) if the date on which the Commissioner er such other person as is referred to in para- graph (a) assumed control of the business of such bank preceded the time of the first of the acts of bankruptcy (within the meaning of the Bankruptcy Ordinance) proved to have been committed by such bank within the three months next preceding the date of the presentation of the bankruptcy petition, the bankruptcy of the bank shall, for the pur- poses of sections 40, 43 and 48, and sub- sections (2) and (3) of section 47, of the Bankruptcy Ordinance, be deemed, notwith- standing the provisions of section 42 of the

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Bankruptcy Ordinance, to have relation back to and to commence at the time the Com- missioner or such other person assumed control of the business of such bank;

(i) subsection (1) of section 45 of the Bankruptcy Ordinance shall apply as if it included, as an alternative to the reference to notice of the presentation of any bankruptcy petition by or against the debtor or notice of the com- mission of any available act of bankruptcy by the debtor, a reference, in the case of a debtor which is an unincorporated bank, to notice that the Commissioner or such other person as is referred to in paragraph (2) bas so assumed control of the business of the debtor:

(iii) subsection (1) of section 49 of the Bank- ruptcy Ordinance shall apply as if it included. as an alternative to the reference to the person first referred to therein being adjudged bankrupt on a bankruptcy petition presented within three months after the date specified therein, a reference, in a case where such person is an unincorporated bank, to the assumption as aforesaid by the Commis- sioner or such other person as is referred to in paragraph (a) of control of the business of such person within three months after such date:

(iv) subsection (1) of section $0 of the Bank- ruptcy Ordinance shall apply as if it included, as an alternative to the reference in para- graph (b) of the proviso thereto to notice of any available act of bankruptcy committed by the bankrupt before the time referred to therein, a reference, in the case of a bank- rupt which is an unincorporated bank, to notice that, before the said time, the Com- missioner or such other person as is referred to in paragraph (a) has so assumed control of the business of the bankrupt:

(v) section 51 of the Bankruptcy Ordinance shall apply as if it included, as an alternative to the reference to notice of the presentation of a bankruptcy petition, a reference, in a case where the person referred to therein is