TNAG-1949-FCO40-2777-Future-of-Hong-Kong-First-Pacific-Bank-Limited-1989 — Page 12

A BILL

TO

Provide for the vesting in First Pacific Bank Limited of the undertaking of Far East Bank, Limited and for other related

purposes.

Preamble

WHEREAS-

(1)

(2)

(3)

First Pacific Bank Limited (hereinafter called "First Pacific Bank") is a company incorporated under the laws of Hong Kong having its registered office in Hong Kong and, as a bank licensed under the Banking Ordinance, carries on the

of banking in Hong Kong and elsewhere;

business

Far East Bank, Limited (hereinafter called "Far East Bank") is a company incorporated under the laws of Hong Kong having its registered office in Hong Kong and, as a bank licensed under the Banking Ordinance, carries on the business of banking in Hong Kong;

First Pacific Bank is a wholly owned subsidiary of Far East Bank;

(4)

(5)

for the better conduct of the businesses of First Pacific Bank and Far East Bank, it is expedient that their respective undertakings be merged and

such merger should occur by means of a transfer of the undertaking of Far East Bank to First Pacific Bank; and

in view of the extent of the contractual and other legal relationships affecting the conduct of the undertaking of Far East Bank, it is expedient that the said undertaking be transferred to First Pacific Bank by this Ordinance.

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