1964_FIRST_PACIFIC_BANK_LIMITED_ORDINANCE — Page 14

CAP. 1146]

First Pacific Bank Limited

[1989 Ed.

(e) Any negotiable instrument or order for payment of money drawn on or given to, or accepted or endorsed by, Far East Bank, or payable at any place of business of Far East Bank, whether so 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 First Pacific Bank, or were payable at the same place of business of First Pacific Bank.

(f) The custody of any document or record, goods or other thing held by Far East Bank as bailee shall pass to First Pacific Bank on the appointed day, and the rights and obligations of Far East Bank under any contract of bailment relating to any such document or record, goods or thing shall on that day become rights and obligations of First Pacific Bank.

(g)

(i) Any security held immediately before the appointed day by Far East Bank, or by a nominee or agent of or trustee for Far East Bank, 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, First Pacific Bank, and be available to First Pacific 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 any security vested in First Pacific Bank in accordance with the provisions of this Ordinance and any liabilities thereby secured, First Pacific Bank shall be entitled to the rights and priorities and be subject to the obligations and incidents to which Far East Bank would have been entitled and subject if it had continued to hold the security;

(iii) without prejudice to the generality of subparagraph (ii), in any case where any existing liability subsists between Far East Bank and First Pacific Bank in respect of which Far East Bank or First Pacific Bank, or a nominee or agent of or trustee for Far East Bank or First Pacific Bank holds security, that liability shall, for the purpose of enforcing or realizing that security, be deemed to continue in effect notwithstanding the vesting of the undertaking in First Pacific Bank;

(iv) 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 First Pacific 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 those advances or liabilities.