TNAG-1949-FCO40-2777-Future-of-Hong-Kong-First-Pacific-Bank-Limited-1989 — Page 49

3 3 AUG 1989

RICHARDS BUTLER

齊伯禮 律師行

C. G. Howse

A. R. M. Morgan

R. C. Nicholson

A. P. Biggs*

J. A. C. Ayton D. J. Coogans N. J. O. Fell

P. J. Fortune

E. G. Gray

Clara Choy

D. M. Norman

Joanna Eddings

L. T. Eastt

ASSISTANTS

Elizabeth Hardy A. S. Hughes

P. W. Lowe Sheila Ma A. D. Morrison Jane Pringle D. A. Stokes

Our Reference

Your Reference

APB/s1/5161G

19th Floor

Alexandra House Chater Road

Hong Kong

Telephone 5-8108008

Telex

62554 RBLAW HX

Fax 5-8100664

23rd August, 1989

Mr. Stefan Gannon

Banking Commission

9/F., Queensway Government Offices

Hong Kong

Dear Mr. Gannon,

Merger of First Pacific Bank and Far East Bank

Further to my letter of 17th August, I now write with regard to the point raised in relation to stamp duty.

I

It is unclear whether stamp duty would be payable on the transfer of registered securities pursuant to the ordinance. have checked various UK precedents but the problem does not generally arise there due to the fact that there is relief in any event from stamp duty on group reorganisations.

However, there is precendent in various UK Acts, such as that relating to the reorganisation of British Airways, for a simple statement to the effect that stamp duty would not be chargeable on any transfer pursuant to the Act.

In the circumstances, for the avoidance of doubt, I would prefer to include a specific provision in this merger ordinance stating the stamp duty would not be payable on any transfer of registered securities pursuant to the terms of the ordinance.

copy of the revised ordinance

revised ordinance is enclosed and you will see that the amendment consists of the insertion of a new section 12 (4) and the renumbering of the previous sub-section 12 (4) as 12(5).

A

Yours sincerely,

Andrew Biggs

Encl.

LONDON

5 Clifton St

London

EC2A 4DQ

England

Telephone 01-247 6555

Telex 949494 RBLAW G

Fax 01-247 5091

01-377 5958

Notary Public

and at:

61 St. Mary Axe

London

EC3A 8AA

England

Telephone 01-621 1144

Telex 949494 RBLAW G

Fax 01-929 132

01-929 3507.

ABU DHABI

PO Box 6904

Saif Bin Ghobash Building Zayed the Second Street Abu Dhabi U.A.E. Telephone 2-725561/778600 Telex 22261 RBLAW EM

Fax 2-778630

+ Not ordinarily resident in Hong Kong

TOKYO

(Associated Office)

The Billis Law Office Sunbridge Ogawamachi Building 2-3 Kanda-Ogawamachi 2-chome, Chiyoda-ku Tokyo 101, Japan Telephone 3-292 2500/4 Telex J 33232 RBLAW Fax 3 292 2506