TNAG-2125-FCO40-3032-Banking-situation-in-Hong-Kong-1990 — Page 138

(d)

relation to, any property or liabilities which are property or liabilities of Dao Heng Bank immediately before that day and forming part of the undertaking, it shall be deemed in favour of any other party to the transaction, or any person claiming through or under him, that Hang Lung Bank has full power and authority for that transaction as if the property or liabilities were deemed to be vested in it under this Ordinance;

a certificate given by or on behalf of Hang Lung Bank at any time that any property or liability specified in the certificate (which property or liability immediately before the appointed day is the property or liability of Dao Heng Bank) is or, as the case may be, is not, deemed to be vested in Hang Lung Bank under this Ordinance, shall be conclusive evidence for all purposes of the fact so certified.

(3) nothing in paragraphs (c) or (d) of sub-section 2 shall

affect the liability of Dao Heng Bank and Hang Lung Bank to the other of them in respect of anything done, or purporting to have been done, by either of them in connection with, or in relation to, any property or liabilities.

(4)

In subsection (2)

(a) "registered securities" means shares, stocks,

(b)

debentures, loans, bonds, units of a unit trust scheme or other shares of the investments subject to the trusts of such a scheme, and other securities of any description which are transferable and the holders of which are entered in a register (whether maintained in Hong Kong or not); and

"convey" includes mortgage, charge, lease, assent, vest by way of vesting declaration or vesting instrument, disclaim, release or otherwise assure.

(5) Nothing in this section applies to any property falling

within section 5(2).

Interests in land

15.

The vesting in Hang Lung Bank of an interest in land by virtue of this Ordinance shall not

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(a) constitute the acquisition, assignment, transfer or parting

with possession of that interest for the purposes of sections 53(4)(a), 53(7)(a), 119E(2) or 119(H)(1)(a) of the Landlord and Tenant (Consolidation) Ordinance (Cap. 7); or

(b)

operate so as to merge any leasehold interest in the reversion expectant on it; or

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