TNAG-1781-FCO40-2541-Employment-in-Hong-Kong-various-ordinances-1988 — Page 53

A318

Ord. No. 60/88

Short title

Interpretation

(Cap. 32)

RAINIER INTERNATIONAL BANK (TRANSFER OF HONG KONG UNDERTAKING)

1. This Ordinance may be cited as the Rainier International Bank (Transfer of Hong Kong Undertaking) Ordinance 1988.

2. (1) In this Ordinance, unless the subject or context otherwise requires-- "Agreement" means the conditional sale and purchase agreement dated 27 April 1988 made between Rainier and Daiwa which includes provision for the acquisition by Daiwa of the Hong Kong undertaking; "appointed day" means such day (not being later than 30 September 1988) as may be specified in a joint notice given by Rainier and Daiwa pursuant to section 3 of this Ordinance;

"customer" means any person having a banking account or other dealing, transaction or arrangement with Rainier in connection with the Hong Kong undertaking;

"Daiwa" means The Daiwa Bank, Limited;

"existing" means existing, outstanding or in force immediately before the

appointed day;

"Hong Kong undertaking" means the business of the 9 Hong Kong branches of Rainier and all existing property and liabilities of Rainier of whatsoever nature pertaining thereto or which are derived there- from, being business, property and liabilities which are governed by Hong Kong law, the transfer of which is governed by Hong Kong law or which are derived from the Hong Kong business of the said 9 Hong Kong branches, but excluding―

(i) the cash sum to be repaid from the Hong Kong undertaking to Rainier pursuant to the provisions of the Agreement;

(ii) the issued shares in the capital of Rainier International Finance Company Limited;

(iii) the business of the home office of Rainier and of the branches of Rainier outside Hong Kong and all existing property and liabilities of Rainier of whatsoever nature pertaining thereto or derived therefrom; and

(iv) documents required to be kept by Rainier pursuant to the provisions of the Companies Ordinance;

"liabilities" includes duties and obligations of every description (whether

present or future, actual or contingent);

"property" means property and assets of every description and rights of every description (whether present or future, actual or contingent), and includes property held on trust and securities, benefits and powers of every description;

"Rainier" means Rainier International Bank;

"security" includes a mortgage or charge (whether legal or equitable), debenture, bill of exchange, promissory note, guarantee, lien, pledge (whether actual or constructive), hypothecation, assignment by way of security, indemnity, right of set-off, undertaking or other means of securing payment or discharge of a liability (whether present or future, actual or contingent);

"will" includes a codicil and any other testamentary writing.