TNAG-1811-FCO40-2572-Hong-Kong-Societies-(Amendment)-Ordinances-1988-1988 — Page 200

RAINIER INTERNATIONAL BANK

(TRANSFER OF HONG KONG UNDERTAKING)

Ord. No. 60/88

A323

(c) a joint certificate given by or on behalf of Rainier and Daiwa at any time that any property or liability specified in the certificate (which property or liability immediately before the appointed day is the property or liability of Rainier) is or, as the case may be, is not, deemed to be vested in Daiwa under this Ordinance, shall be conclusive evidence for all purposes of the fact so certified;

(d) in this section "convey" includes mortgage, charge, lease, assent, vest by way of vesting declaration or vesting instrument, disclaim, release or otherwise assure.

11. The deemed vesting in Daiwa of an interest in land by virtue of this Interests Ordinance shall not-

in land

(a) constitute a purchase or creation of that interest for the purposes

of section 119E(2) of the Landlord and Tenant (Consolidation) (Cap. 7) Ordinance; or

(b) constitute an assignment, transfer, devolution, parting with pos- session, dealing with or other disposition of that interest for the purposes of any provision contained in any instrument concerning that interest; or

(c) give rise to any forfeiture; or

(d) invalidate or discharge any contract or security; or

(e) operate so as to merge any leasehold interest in the reversion

expectant on it.

12. Nothing in this Ordinance shall exempt Daiwa or Rainier or any Saving for other subsidiary of Daiwa or Rainier from the provisions of any enactment enactments regulating the carrying on of the business of any of them.

concerning banking institutions

13. Nothing in this Ordinance shall prejudice the powers of Daiwa to Saving for alter its articles and memorandum of association or to dispose of, or deal companies with, its property, security or liabilities or to carry on or discontinue any part of its business; and nothing in this Ordinance shall prejudice the powers of Rainier to dispose of, or deal with, its property, security or liabilities before the appointed day.

1988.

14. (a) Nothing in this Ordinance shall affect or be deemed to affect Saving

the rights of Her Majesty the Queen, Her Heirs or Successors, or the rights of any body politic or corporate or of any other persons except such as are mentioned in this Ordinance and those claiming by, from or under them.

(b) Nothing in this Ordinance shall affect the liability of Rainier and

Daiwa to the other of them pursuant to the Agreement.

Passed by the Hong Kong Legislative Council this 6th day of July

LAW Kam-sang,

Clerk to the Legislative Council.