1964_FIRST_PACIFIC_BANK_LIMITED_ORDINANCE — Page 12

CAP. 1146]

First Pacific Bank Limited

[1989 Ed.

addressed to Far East Bank (whether alone or with any other person and whether as principal or agent and whether in writing or not), other than those entered into, made, given to or by or addressed to Far East Bank in relation to the excluded property, shall be construed and have effect on and from the appointed day as if

(i) First Pacific Bank had been a party thereto instead of Far East Bank;

(ii) for any reference (however worded and whether express or implied) to Far East Bank there were substituted, as respects anything falling to be done on or after the appointed day, a reference to First Pacific Bank;

(iii) any reference (however worded and whether express or implied) to the directors or to any director, officer or employee of Far East Bank were, as respects anything falling to be done on or after the appointed day, a reference to the directors of First Pacific Bank or, as the case may require, to such director, officer or employee of First Pacific Bank as First Pacific Bank may appoint for that purpose or, in default of appointment, to the director, officer or employee of First Pacific Bank who corresponds as nearly as may be to the first-mentioned director, officer or employee.

(b) Paragraph (a)(ii) shall, subject to the provisions of section 14, apply to any statutory provision, to any provision of any existing contract to which Far East Bank was not a party and to any provision of any other existing document (not being a contract or a will) as they apply to a contract to which that paragraph applies.

(c) Any account between Far East Bank and a customer shall, on the appointed day, be transferred to First Pacific Bank and become an account between First Pacific 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 First Pacific Bank or of any customer to vary the conditions or incidents subject to which any account is kept.

(d) Any 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 Far East Bank, either alone or jointly with another person, shall apply and have effect, on and from the appointed day, as if given to First Pacific Bank or, as the case may be, to First Pacific Bank jointly with such other person.