TNAG-2459-FCO40-3580-Future-of-Hong-Kong-constitutional-development-administrati-1992 — Page 163

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(c)

(d)

(e)

(£)

(g)

on the

Each account between MEFIL and a customer shall, appointed day, be transferred to Emirates Bank and become an account between Emirates Bank and such customer subject to the same conditions and incidents as theretofore; and such account shall be deemed for all purposes to be a single continuing account; provided that nothing in this Ordinance shall affect any right of Emirates Bank or of any customer to vary the conditions or incidents subject to which any account is kept.

Each existing instruction, order, direction, mandate, power of attorney, authority, undertaking or consent (whether in writing or not and whether or not in relation to an account) given to MEFIL, either alone or jointly with another person, shall apply and have effect, on from the appointed day, as if given to Emirates Bank as the case may be,

to Emirates Bank jointly with other person.

and

or,

such

So

Each negotiable instrument or order for payment of money drawn on or given to, or accepted or endorsed by, MEFIL, or payable at any place of business of MEFIL, whether drawn, given, accepted or endorsed before, or on the appointed day, shall have the same effect on and from the appointed day, as if it had been drawn on, or given to, or accepted or endorsed by Emirates Bank, or were payable the same place of business of Emirates Bank.

at

The custody of each document or record, goods or other thing held by MEFIL as bailee shall pass to Emirates Bank on the appointed day, and the rights and obligations MEFIL under each contract of bailment relating to any such document or record, goods or thing shall on that day become rights and obligations of Emirates Bank.

(i) Each security held immediately before the appointed day by MEFIL, or by a nominee or agent of or trustee for MEFIL, 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, Emirates Bank, and be available to Emirates 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;

(ii)

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