TNAG-1949-FCO40-2777-Future-of-Hong-Kong-First-Pacific-Bank-Limited-1989 — Page 34

Vesting

of the

undertaking

in First

Pacific Bank

(4)

(5)

(6)

5.

(1)

(2)

Not less than 7 days before the appointed day Far East Bank shall, by way of application for revocation of its banking licence, deliver to the Commisioner a Copy of this Ordinance certified by its secretary.

The Commissioner shall retain the document delivered to him under sub-section (4) above and on the appointed day shall revoke the banking licence of Far East Bank and shall notify Far East Bank in writing of such

revocation.

Expressions used in this section, in the Companies Ordinance and in the Banking Ordinance (other than expressions defined by subsection (1) of section 2 (Interpretation) of this Ordinance) have the same meanings in this section as they have in those Ordinances.

On the appointed day the undertaking shall, by virtue of this Ordinance and without further act or deed, be transferred to, and vest in, First Pacific Bank to the intent that First Pacific Bank shall succeed to the whole undertaking as if in all respects First Pacific Bank were the same person in law as Far East

Bank.

Where the vesting of any property forming part of the undertaking is governed otherwise than by the law of Hong Kong, Far East Bank shall, if First Pacific Bank so requires, SO soon as is practicable after the appointed day, take all necessary steps for securing the effective vesting thereof in First Pacific Bank and, pending such vesting, Far East Bank shall hold any such property in trust for First Pacific Bank.

Trust

6.-

(1).

property and

wills

-

Any property - deemed to be vested in

First Pacific Bank by virtue of this Ordinance which immediately before the appointed day was held by Far East Bank, whether alone or jointly with any other person, as trustee or custodian trustee of any trust deed, settlement, covenant, agreement or will (whether originally 90 appointed or not, and whether appointed under hand or seal, or by order of any court), ΟΙ as executor of the will, or administrator of the estate, of a deceased person or as judicial

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