TNAG-2125-FCO40-3032-Banking-situation-in-Hong-Kong-1990 — Page 119

1983 Ed.]

Hang Lung Bank (Acquisition)

[CAP. 345

1

CHAPTER 345

HANG LUNG BANK (ACQUISITION)

Originally

56 of 1983.

To provide for the acquisition by the Government of the Hang Lung Bank, Limited, the carrying on of the business of that Bank, the compensation payable in respect of such acquisition and for LN150155. connected purposes.

2727 1826.

[28 September 1983.]

1. This Ordinance may be cited as the Hang Lung Bank (Acquisition) Ordinance.

2. In this Ordinance, unless the context otherwise requires— "commencement" means the commencement of this Ordinance;

"the company" means the Hang Lung Bank, Limited t ́ĦR

公司;

"former director" means any director of the company or any of its

subsidiaries removed from office by section 7;

"subsidiary" has the same meaning as in the Companies Ordinance.

3. (1) Subject to this Ordinance, all the shares in the capital of the company shall by virtue of this section vest in the Colonial Treasurer Incorporated for and on behalf of the Government free from all trusts and incumbrances.

1 Secutio

Short title.

Interpretation.

(Cap. 32.)

Vesting in Colonial Finunnal Freasurer Secretam Incorporated

of shares of the Company.

(2) The Ectoral Treasurer Incorporated shall, in respect of LN S8 193

the shares which vest in it by virtue of subsection (1), be entitled or subject, as from commencement, to the exclusion of the previous holders thereof, to all rights, privileges and advantages and all the liabilities and obligations arising from the holding of those shares, in. all respects as if the shares had been duly transferred to the Con Treasurer Incorporated in accordance with the enactments and rules of law (other than this Ordinance) applicable thereto and everything necessary to make the transfer of those rights, privileges, advan- tages, liabilities and obligations fully effective had been done.

(3) Without prejudice to subsection (2) the person concerned with the keeping of the company's register of members shall forth- with register the Colonial Treasurer Incorporated therein and the company shall forthwith issue to the Colonial Treasurer) Incor- porated the appropriate documents of title relating to the company's shares which vest in the Colonial Treasurer Incorporated by virtue of this section.

4. Where immediately before commencement any property, facility or service not being the property of or provided by the company or any subsidiary thereof, was being used, enjoyed or employed by the company or any of its subsidiaries in the carrying

20180155

LN 130155

Continued use of property etc.

7