1964_FIRST_PACIFIC_BANK_LIMITED_ORDINANCE — Page 16

CAP. 1146]

First Pacific Bank Limited

8.

[1989 Ed.

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, Far East Bank or, as the case may be, First Pacific Bank were secured thereby immediately before that day.

(h) Where by virtue of this Ordinance any right or liability of Far East Bank is deemed to become a right or liability of First Pacific Bank, First Pacific Bank and all other persons shall, 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 right or liability as if it had at all times been a right or liability of First Pacific Bank; and any legal proceedings or application to any authority existing or pending immediately before the appointed day by or against Far East Bank may be continued by or against First Pacific Bank.

(i) Any judgement or award obtained by or against Far East Bank and not fully satisfied before the appointed day shall on that day, to the extent to which it is enforceable by or against Far East Bank, become enforceable by or against First Pacific Bank.

(j) 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 Far East Bank, whether alone or with others, before the appointed day.

Accounting treatment of Far East Bank and First Pacific Bank

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

(a) the balance sheets and profit and loss accounts of First Pacific Bank and Far East 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 First Pacific Bank pursuant to section 5 on the first day of such accounting periods;

(b) every existing reserve of Far East Bank, including the special non-distributable reserve created pursuant to section 4(1)(b), shall be transferred to and for all purposes be and become a reserve of First Pacific Bank;

(c) the amount, description and character of every reserve of First Pacific Bank which shall come into being pursuant to paragraph (b) shall be the same in all respects as those of the corresponding