TNAG-1769-FCO40-2523-Hong-Kong-mergers-involving-banks-and-other-financial-instit-1988 — Page 136

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(3) No testamentary gift shall be adeemed by reason only of the operation of any of the provisions of this Ordinance.

6.

Without prejudice to the generality of the foregoing provisions but subject to any provision of this Ordinance Lo the contrary effect, the following provisions of this section shall have affect with respect to the Hong Kong undertaking with respect to matters within Hong Kong or subject to the laws of Hong Kong -

(a) Every contract to which Rainier is a party (whether in writing or not) shall have effect on and from the appointed day as if .

(b)

(1)

Daiwa had been a party thereto instead of Rainier;

(11) for any reference (however worded and whether express or implied) to Rainier there were

substituted, as respects anything falling to be done on or after the appointed day, a reference to Daiwa;

(iii) any reference (however worded and whether express or implied) to the directors or

to any director, officer or employee of Rainier were, as respects anything falling to be done on or after the appointed day, a reference to the directors of Daiwa or, as the case may require, to such director, officer or employee of Daiwa as Daiwa may appoint for that purpose or, in default of appointment, to the director, officer or employee of Daiwa who corresponds as nearly as may be to the first-mentioned director, officer or employee :

Provided that paragraph (a) shall not apply to the Agreement or any agreement expressed to be made pursuant or supplemental thereto.

Sub-paragraph (a)(ii) shall apply to any statutory provision, to any provision of any existing contract to which Rainer was not a party and to any provision of any other existing document (not being a contract or a will) as they apply to a contract to which that paragraphi applies:

Provided that such sub-paragraph shall not apply to any existing authorization or exemption under any enactment regulating the carrying on of the business of Rainier,

(c) Any account between Rainier and a customer shall, on the appointed day, become an account between Daiwa and such customer subject to the same conditions and incidents as theretofore; and such account shall be deemed for all purposes to be a single continuing

account :

Supplementary provisions

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