A320
Ord. No. 60/88
RAINIER INTERNATIONAL BANK (TRANSFER OF HONG KONG UNDERTAKING)
(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—
(i) Daiwa had been a party thereto instead of Rainier;
(ii) 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 appoint- ment, to the director, officer or employee of Daiwa who corres- ponds 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.
(b) Sub-paragraph (a)(ii) shall apply to any statutory provision, to any provision of any existing contract to which Rainier 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 paragraph applies:
Provided that such sub-paragraph shall not apply to any existing authorization or exemption under any enactment regulat- ing 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 thereto- fore; and such account shall be deemed for all purposes to be a single continuing account:
Provided that nothing in this Ordinance shall affect any right of Daiwa or of the customer to vary the conditions or incidents subject to which any account is kept.
(d) Any existing instruction, order, direction, mandate, power of attorney, authority, undertaking or consent given to Rainier (whether in writing or not and whether or not in relation to an account) shall have effect, on and from the appointed day, as if given to Daiwa.
(e) Any negotiable instrument or order for payment of money drawn on or given to, or accepted or endorsed by, Rainier, or payable at any place of business of Rainier, whether so drawn, given, accepted or endorsed before, or on the appointed day, shall have the same effect on and from the appointed day, as if it had been drawn on, or given to, or accepted or endorsed by Daiwa, or were payable at the same place of business of Daiwa.
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