TNAG-2459-FCO40-3580-Future-of-Hong-Kong-constitutional-development-administrati-1992 — Page 164

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8.

(h)

(i)

(j)

(iii)

(iv)

without prejudice to the generality of subparagraph (ii), in any case where an existing liability subsists between MEFIL and Emirates Bank in respect of which MEFIL or Emirates Bank, or a nominee or agent of or trustee for MEFIL or Emirates 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 Emirates 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 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 discharge of future advances and liabilities to the same extent and in the same manner in all respects as future advances by, or liabilities to, MEFIL as the case may be, Emirates Bank were secured thereby immediately before that day.

or

or,

shall,

Where by virtue of this Ordinance any right or liability of MEFIL is deemed to become a right or liability of Emirates Bank, Emirates Bank and all other persons 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

that right or liability as if it had at all times been a right or liability of Emirates Bank; and any legal proceedings application to any authority existing or pending immediately before the appointed day by or against MEFIL may be continued by or against Emirates Bank.

or

Each judgment or award obtained by or against MEFIL and not fully satisfied before the appointed day shall on that day, to the extent to which it is enforceable by or against MEFIL, become enforceable by or against Emirates Bank.

Nothing in this Ordinance shall terminate or prejudicially affect the appointment, authority, rights or powers of any receiver or of any receiver and manager appointed by MEFIL, whether alone or with others, before the appointed day.

Accounting treatment of MEFIL and Emirates Bank

(1) On and from the appointed day, by virtue of this Ordinance and notwithstanding the provisions of any other Ordinance-