18
CAP. 1146]
First Pacific Bank Limited
[1989 Ed.
existing reserve immediately before such appointed day, and all enactments and rules of law shall apply to or in respect of every such reserve of First Pacific Bank in the same manner in all respects as they applied to or in respect of the corresponding existing reserve immediately before the appointed day;
(d) all property comprising interests in land and buildings forming part of the undertaking shall, for the purposes of preparing the balance sheet of First Pacific Bank, be deemed to have been acquired by First Pacific Bank at a value equal to the independent valuation of such property as at 31 March 1989 obtained by Far East Bank; and
(e) any retained profits of Far East Bank as at the first day of such
accounting periods shall be distributable by First Pacific Bank,
(2) Every reference in subsection (1) to an existing reserve shall include a reference to any reserve or similar provision, irrespective of its name or designation (and whether the amount thereof be positive or negative in nature) and, without prejudice to the generality of the foregoing, every such reference shall include a reference to any sums standing to the credit (or debit) of any profit and loss account.
(3) Without prejudice to the generality of subsection (1), any profits or losses of Far East Bank earned or incurred after the beginning of the financial year of Far East Bank in which the appointed day shall occur, shall, on and from the appointed day, and by virtue of this Ordinance, be treated for all purposes as profits or, as the case may be, losses, of First Pacific Bank.
9.
Contracts of employment
(1) Section 7(a) shall apply to a contract for the employment of any person by Far East Bank; and employment with Far East Bank and First Pacific Bank under any such contract shall be deemed for all purposes to be a single continuing employment.
(2) No director or auditor of Far East Bank shall by virtue only of this Ordinance become a director or, as the case may be, auditor of First Pacific Bank.
10. Evidence: books and documents
(1) All books and other documents which would, before the appointed day, have been evidence in respect of any matter for or against Far East Bank shall be admissible in evidence in respect of the same matter for or against First Pacific Bank,
(2) In this section "documents" (X) has the same meaning as in section 55 of the Evidence Ordinance (Cap. 8).
18
CAP. 1146]
First Pacific Bank Limited
[1989 Ed.
existing reserve immediately before such appointed day, and all enactments and rules of law shall apply to or in respect of every such reserve of First Pacific Bank in the same manner in all respects as they applied to or in respect of the corresponding existing reserve immediately before the appointed day; (d) all property comprising interests in land and buildings forming part of the undertaking shall, for the purposes of preparing the balance sheet of First Pacific Bank, be deemed to have been acquired by First Pacific Bank at a value equal to the independent valuation of such property as at 31 March 1989 obtained by Far East Bank; and
(e) any retained profits of Far East Bank as at the first day of such
accounting periods shall be distributable by First Pacific Bank,
(2) Every reference in subsection (1) to an existing reserve shall include a reference to any reserve or similar provision, irrespective of its name or designation (and whether the amount thereof be positive or negative in nature) and, without prejudice to the generality of the foregoing, every such reference shall include a reference to any sums standing to the credit (or debit) of any profit and loss account.
(3) Without prejudice to the generality of subsection (1), any profits or losses of Far East Bank earned or incurred after the beginning of the financial year of Far East Bank in which the appointed day shall occur, shall, on and from the appointed day, and by virtue of this Ordinance, be treated for all purposes as profits or, as the case may be, losses, of First Pacific Bank.
9.
Contracts of employment
(1) Section 7(a) shall apply to a contract for the employment of any person by Far East Bank; and employment with Far East Bank and First Pacific Bank under any such contract shall be deemed for all purposes to be a single continuing employment.
(2) No director or auditor of Far East Bank shall by virtue only of this Ordinance become a director or, as the case may be, auditor of First Pacific Bank.
10. Evidence: books and documents
(1) All books and other documents which would, before the appointed day, have been evidence in respect of any matter for or against Far East Bank shall be admissible in evidence in respect of the same matter for or against First Pacific Bank,
(2) In this section "documents" (X) has the same meaning as in section 55 of the Evidence Ordinance (Cap. 8).
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