TNAG-1769-FCO40-2523-Hong-Kong-mergers-involving-banks-and-other-financial-instit-1988 — Page 52

2

Preamble

(Cap. 155)

RAINIER INTERNATIONAL BANK (TRANSFER OF HONG KONG UNDERTAKING) BILL 1988

A BILL

To

Provide for the vesting in The Daiwa Bank, Limited of the Hong Kong undertaking of Rainier International Bank; and for other related

purposes.

WHEREAS

(1) Rainier International Bank (hereinafter called "Rainier") is an Edge Act corporation organized under the laws of the United States of America having its home office at Los Angeles;

(2) The Daiwa Bank, Limited (hereinafter called "Daiwa") is a company organized under the laws of Japan having its registered office at Osaka;

(3) Rainier is a bank licensed under the Banking Ordinance and carries on the business of banking in the United States of America and Hong Kong;

(4) Daiwa is a bank licensed under the Banking Ordinance and carries

on the business of banking in Japan, Hong Kong and elsewhere;

(5) on 27 April 1988 a conditional sale and purchase agreement was entered into between Rainier and Daiwa which includes provision for the acquisition by Daiwa of the Hong Kong undertaking of Rainier; and

(6) in view of the extent of the contractual and other legal relation- ships affecting the conduct of the Hong Kong undertaking of Rainier, it is a condition of completion of such sale and purchase agreement that this Ordinance is enacted.

NOW THEREFORE BE IT ENACTED by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows—