TNAG-1949-FCO40-2777-Future-of-Hong-Kong-First-Pacific-Bank-Limited-1989 — Page 24

Saving for companies

the

and its

15.

Nothing in this Ordinance shall prejudice powers of First Pacific Bank to alter its articles memorandum of association or to dispose of, or deal with, property, security or liabilities or to carry on or discontinue any part of its business; and nothing in this

and nothing in this Ordinance shall prejudice the powers of Far East Bank to

to dispose of, or deal with, its property, security or liabilities before the appointed day.

Saving

16.

Nothing in this Ordinance shall affect or be deemed to affect the rights of Her Majesty the Queen, Her Heirs or Successors, ΟΙ 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.

ん

EXPLANATORY MEMORANDUM

The purpose of this Bill is to transfer the undertaking of Far East Bank, Limited to First Pacific Bank Limited. Both Far East Bank, Limited and First Pacific Bank Limited are

are banks licensed under the Banking Ordinance and are incorporated in Hong Kong.

The Bill provides for the vesting of the undertaking Far East Bank, Limited in First Pacific Bank Limited on the appointed day (clause 5), for the change of name, reduction of capital and revocation of the banking licence of Far East Bank, Limited (clause 4) and contains a number of supplementary provisions relating, inter alia, to the effect of the vesting in relation to trusts and wills (clause 6), the accounting treatment of Far East Bank, Limited and First Pacific Bank Limited (clause 8), the relationship with customers, borrowers, employees and other third parties (clauses 7 and 9) and evidence (clauses 10 to 12).

}

13

RICHARDS BUTLER Solicitors for

Far East Bank, Limited First Pacific Bank Limited