TNAG-1949-FCO40-2777-Future-of-Hong-Kong-First-Pacific-Bank-Limited-1989 — Page 39

Accounting

8.

(1)

treatment of

Far East Bank

and First

Pacific Bank

(2)

On and from the appointed day, by virtue of this Ordinance and notwithstanding the provisions of any other Ordinance:-

(a) the balance sheets and profit and loss accounts of First Pacific Bank and Far East Bank for the accounting period of each company in which the appointed day falls shall be prepared in all respects as if the undertaking had vested in First Pacific Bank pursuant to section 5 on the first day of such accounting periods;

(b)

(c)

(a)

(e)

Cas

every existing reserve of Far East Bank, including the special non-distributable reserve created pursuant to section 4(1)(b), shall be transferred to and for all purposes be and become a reserve of First Pacific Ban.:;

the amount, description and character of every reserve of First Pacific Bank

· which shall come into being pursuant to paragraph (b) above shall be the same in all respects as

those existing

Of

the

reserve

corresponding immediately before such appointed day, and all enactments and rules of law

shall apply to or in respect of every such reserve of First Pacific Bank in the same manner in all respects as they applied to or in respect of the corresponding

existing immediately before the appointed day;

reserve

all property comprising interests in land and buildings forming part of the undertaking shall, for the purposes of preparing the balance sheet of First Pacific Bank, be deemed to have been acquired by First Pacific Bank at a value equal to the independent valuation of such property as at 31st March, 1989 obtained by Far East Bank; and

at

any retained profits of Far East Bank as the first day of such accounting periods shall be distributable by First Pacific Bank.

Every reference in subsection (1) above to an existing reserve shall include a reference to any reserve or similar provision, irrespective of its name ΟΙ designation (and whether the

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