TNAG-2459-FCO40-3580-Future-of-Hong-Kong-constitutional-development-administrati-1992 — Page 159

A BILL

To

Provide for the vesting in Emirates Bank International Limited of the

undertaking of Middle East Finance International Limited and other related purposes.

Preamble

WHEREAS -

(1)

(2)

(3)

(4)

(5)

for

Middle East Finance International Limited ("MEFIL") is a company incorporated under the laws of Hong Kong having its registered office in Hong Kong and, as a deposit-taking company registered under the Banking Ordinance (Cap. 155), carries on the business of taking deposits in Hong Kong;

Emirates Bank International Limited ("Emirates Bank"> is a company incorporated in the Emirate of Dubai by decree of His Highness the Ruler of Dubai having its head office in Dubai, and is a restricted licence bank under the Banking Ordinance (Cap. 155);

MEFIL is a subsidiary of Emirates Bank;

for the better conduct of the business of Emirates Bank in Hong Kong, it is expedient that the undertaking of MEFIL be transferred to Emirates Bank; and

in view of the extent of the contractual and other legal relationships affecting the conduct of the undertaking of MEFIL, it is expedient that the said undertaking be transferred to Emirates Bank by this Ordinance.

with

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

1.

Short title

This Ordinance

may be cited as the Middle East Finance International Limited (Transfer of Undertaking) Ordinance.

2.

Interpretation

requires

(1) In this Ordinance, unless the subject or context otherwise

"appointed day" (means

pursuant to section 3;

"customer (

戸

such day as may be appointed

> means any person having an account or other dealing, transaction or arrangement with MEFIL;