TNAG-1949-FCO40-2777-Future-of-Hong-Kong-First-Pacific-Bank-Limited-1989 — Page 4

Mr. Stefan Gannon

17th August, 1989

In the definition of property is a reference to securities, which includes shares in companies, and section 12(2)(a) specifically states that the ordinance shall be deemed to be a duly executed transfer of all registered securities held by Far East Bank. This follows similar provisions in previous ordinances. However, it is not clear whether, in such circumstances, stamp duty will be payable on such transfer whether the ordinance will require to be amended in order to provide that the stamp duty should not

not be payable. I believe that we will have to take this matter up direct with the Collector of Stamp Revenue.

relatively tight

I would suggest that, in view of the time-table for passing this

for passing this ordinance, once you have had a chance to go through the draft ordinance, we meet in order to deal with any matters arising and I should be grateful if you would give me a ring in order to arrange this. Obviously, in

the meantime, if you require any further information, then

please do not hesitate to let me know.

Yours sincerely,

Andrew Biggs

Encl.