TNAG-2125-FCO40-3032-Banking-situation-in-Hong-Kong-1990 — Page 127

A BILL

ΤΟ

Provide for the vesting in Hang Lung Bank, Limited of the undertaking of Dao Heng Bank Limited and for other related purposes.

Preamble

WHEREAS:

(1)

(2)

Dao Heng Bank Limited (hereinafter called "Dao Heng Bank") is a company incorporated under the laws of Hong Kong having its registered office in Hong Kong and, as a bank licensed under the Banking Ordinance, carries on the business of banking in Hong Kong and elsewhere;

Hang Lung Bank, Limited (hereinafter called "Hang Lung Bank") is a company incorporated under the laws of Hong Kong having its registered office in Hong Kong and, as a bank licensed under the Banking Ordinance, carries on the business of banking in Hong Kong;

(3) the Hang Lung Bank (Acquisition) Ordinance (Cap 345) was enacted to provide, inter alia, for the acquisition by the Government of Hong Kong of Hang Lung Bank and the carrying on of the business of Hang Lung Bank;

(4)

(5)

(6)

(7)

Hang Lung Bank is now a wholly owned subsidiary of Dao Heng Bank;

for the better conduct of the businesses of Dao Heng Bank and Hang Lung Bank, it is expedient that their respective

undertakings be merged and that such merger should occur by means of a transfer of the undertaking of Dao Heng Bank to Hang Lung Bank;

in view of the extent of the contractual and other legal relationships affecting the conduct of the undertaking of Dao Heng Bank, it is expedient that the said undertaking be transferred to Hang Lung Bank by this Ordinance; and

it is further expedient that certain provisions of the Hang Lung Bank (Acquisition) Ordinance be repealed.

NOW THEREFORE BE IT ENACTED by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows.

Short title

1. This Ordinance may be cited as the [Dao Heng Bank] Limited

Ordinance 1990.