TNAG-2125-FCO40-3032-Banking-situation-in-Hong-Kong-1990 — Page 134

(g) (i)

(ii)

(iii)

(iv)

Any security held immediately before the appointed day by Dao Heng Bank, or by a nominee or agent of or trustee for Dao Heng Bank, as security for the payment or discharge of any liability shall, on and from the appointed day, be held by, or, as the case may require, by that nominee, agent or trustee for, Hang Lung Bank, and be available to Hang Lung Bank (whether for its own benefit or, as the case may be, for the benefit of any other person) as security for the payment or discharge of that liability;

in relation to any security vested in Hang Lung Bank in accordance with the provisions of this Ordinance and any liabilities thereby secured, Hang Lung Bank shall be entitled to the rights and priorities and be subject to the obligations and incidents to which Dao Heng Bank would have been entitled and subject if it had continued to hold the security;

without prejudice to the generality of subparagraph (ii), in any case where any existing liability subsists between Dao Heng Bank and Hang Lung Bank in respect of which Dao Heng Bank or Hang Lung Bank, or a nominee or agent of or trustee for Dao Heng Bank or Hang Lung Bank holds security, that liability shall, for the purpose of enforcing or realising that security, be deemed to continue in effect notwithstanding the vesting of the undertaking in Hang Lung Bank;

any security referred to in subparagraph (i), (ii) or (iii) and which extends to future advances or liabilities shall, on and from the appointed day, be available to Hang Lung Bank (whether for its own benefit or, as the case may be, for the benefit of any other person) as security for the payment or discharge. of future advances and liabilities to the same extent and in the same manner in all respect as future advances by, or liabilities to, Dao Heng Bank or, as the case may be, Hang Lung Bank were secured thereby immediately before that day.

(h) Where by virtue of this Ordinance any right or liability of

Dao Heng Bank is deemed to become a right or liability of Hang Lung Bank, Hang Lung Bank and all other persons shall, on and from the appointed day, have the same rights, powers and remedies (and in particular the same rights and powers as to taking or resisting legal proceedings or making or resisting applications to any authority) for ascertaining, perfecting or enforcing that right or liability as if it had at all times been a right or liability of Hang Lung Bank; and any legal proceedings or application to any authority existing or pending immediately before the appointed day by or against Dao Heng Bank may be continued by or against Hang Lung Bank.

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