TNAG-1769-FCO40-2523-Hong-Kong-mergers-involving-banks-and-other-financial-instit-1988 — Page 144

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(2) Any reference in this Ordinance to property or liabilities of Rainier is a reference to property or liabilities to which Rainier is for the time being entitled or subject (whether beneficially or in any fiduciary capacity) and forming part of the Hong Kong undertaking wherever such property or liabilities are situated or arise and whether or not capable of being transferred or assigned by Rainier, and whether Rainier is entitled to such property or subject to such liabilities under the law of Hong Kong or under the law of any country or territory outside Hong Kong.

(3) Any body politic or corporate and any other person or persons whose rights are affected by any of the provisions of this Ordinance shall be deemed to be mentioned herein.

3. Rainier and Daiwa shall give joint notice in the Gazette of the day expected to be the appointed day save that, in the event that such day proves not to be the appointed day for any reason, Rainier and Deiwa shall give joint notice in the Gazette to that effect and shall again give joint notice in the Gazette of the next day expected to be the appointed day or, as the case may be, of the day which was the appointed day,

4. On the appointed day the Hong Kong undertaking shall be deemed for the purpose of Hong Kong law to be transferred to, and vest in. Daiwa to the intent that Daiwa shall succeed to

the Hong Kong undertaking,

5. (1) Any property deemed to be vasted in Daiwa by virtue of this Ordinance which immediately before the appointed day was held by Rainier, whether alone or jointly with any other person, as trustee or custodian trustse of any trust deed, settlement, covenant, agreement or will (whether originally so appointed or not, and whether appointed under hand or seal, or by order of any court), or as executor of the will, Or administrator of the estate, of a deceased person of a5 judicial trustee appointed by order of any court, or in any other fiduciary capacity, shall, on and from the appointed day, be held by Daiwa alone cr, as the case may be, jointly with such other person, in the same capacity upon the trusts, and with and subject to the powers, provisions and liabilities, applicable thereto respectively.

(2) Any existing instrument or order of any court under or by virtue of which any property deemed to be vested in Dalwa by virtue of this Ordinance became vested in Rainier in any such fiduciary capacity as is referred to in subsection (1) (including in the case of a will any grant of probate thereof), and any provision in such instrument or order, or any existing contract or arrangement, for the payment to, or retention by, Rainier of remuneration for its services in any such fiduciary capacity, shall, on and from the appointed day, be construed and have effect, so far as the context permits, as if for any reference therein to Rainier there were substituted a reference to Daiwa.

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Recognition of vesting of Rainier's

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