TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 7

5

It is envisaged also, if the Further Heads of

Agreement are to be signed, that staff of HKCB would go into BCCHK to prepare for the take-over under the scheme and put themselves into a position where, if the necessary majorities of the depositors are forthcoming under section

166 of the Companies Ordinance and the approval of the

LQUIT is Optaineu to the scheme, they, in conjunction

with staff of the bank, will make preparations for the

opening of the new bank as soon as possible.

9.

Finally, the Court is advised that if the

proposed scheme of arrangement is approved

-

the Scheme will be conditional upon the grant Of a new banking licence by the Governor in Council to the new bank under the provisions, of the Banking Ordinance, and

121

Legislation Will be required to transfer the

assets and liabilities. of BCCHK and BCCFI

the new pank.

to

LU.

sought for

Approval 01 this Honourable Court is therefore

(1) the Official Receiver to sign the Further Heads

of Agreement;