TNAG-2459-FCO40-3580-Future-of-Hong-Kong-constitutional-development-administrati-1992 — Page 165

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(a)

(b)

(c)

the balance sheets and profit and loss accounts of MEFIL and Emirates Bank for the accounting period of each company in which the appointed day falls shall be prepared in all respects as if the undertaking had vested in Emirates Bank pursuant to section 5 on the first day of such accounting period of MEFIL;

every existing provision against assets of MEFIL shall be transferred to and for all purposes be and become a provision against assets of Emirates Bank; and

the amount, description and character of every provision of Emirates Bank which shall come into being pursuant to paragraph (b) shall be the same in all respects as those of the corresponding existing provision immediately before such appointed day, and all enactments and rules of law shall apply to or in respect of every such provision of Emirates Bank in the same manner in all respects as they applied to or in respect of the corresponding existing provision immediately before the appointed day.

(2) Every reference in subsection (1) to an existing provision shall include a reference to any such provision, irrespective of its name or designation including the obligation account of MEFIL but not including any sums standing to the credit (or debit) of any profit and loss account or general reserves.

any

(3) Without prejudice to the generality of subsection (1) agreed tax losses of MEFIL under section 19C(4) of the Inland Revenue Ordinance (Cap. 112) to the extent not set-off against the assessable profits of MEFIL shall, on and from the appointed day, and by virtue of this Ordinance, be treated as agreed tax losses of Emirates Bank for the purposes of section 19C(4) of the Inland Revenue Ordinance (Cap. 112).

9.

Contracts of employment

(1) Section 7(a) shall apply to a contract for the employment of any person by MEFIL; and employment with MEFIL and Emirates Bank under any such contract shall be deemed for all purposes to be a single continuing employment.

(2)

No director or auditor of MEFIL shall by virtue only of this Ordinance become a director or, as the case may be, auditor of

Emirates Bank.

10.

Provident Fund and Gratuities

(1) The rules relating to the MEFIL Provident Fund and the gratuity benefits payable by MEFIL shall, on and from the appointed day, be construed and have effect, so far as the context permits, as if for

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