TNAG-0563-FCO40-658-Construction-of-an-underground-railway-system-in-Hong-Kong-1975 — Page 78

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22

Transfer of assets and liabilities.

29. (1) All property of whatever kind and whether

movable or immovable vested in or belonging to the

Provisional Authority immediately before the commencement

date of this Ordinance is as from such date transferred

to and vested in the same interest in the Corporation

without any further assurance and the Corporation shall

have all powers necessary to take possession of, recover

and obtain the benefit of such property.

(2) All obligations and liabilities of the

Provisional Authority immediately before the commencement

date of this Ordinance are as from such date the

obligations and liabilities of the Corporation and the

Corporation shall have all necessary powers to discharge

the same.

Other

transitional provisions.

30. (1) Without limiting the generality of section

29, every agreement, whether in writing or not, to which

the Provisional Authority was a party immediately before

the commencement date of this Ordinance and whether or

not of such a nature that the rights and liabilities

thereunder could be assigned shall have effect as fron

such date as if

G.F. 323

(a) the Corporation had been party to such

agreement; and

(b)

for any reference, however worded and whether

express or implied, to the Provisional

Authority there were substituted in respect of

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