1964_FIRST_PACIFIC_BANK_LIMITED_ORDINANCE — Page 22

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CAP. 1146]

First Pacific Bank Limited

[1989 Ed.

(c) where there is any other transaction or purported transaction by First Pacific Bank or Far East Bank on or after the appointed day in connection with, or in relation to, any property or liabilities which are property or liabilities of Far East Bank immediately before that day and forming part of the undertaking, it shall be deemed in favour of any other party to the transaction, or any person claiming through or under him, that First Pacific Bank has full power and authority for that transaction as if the property or liabilities were deemed to be vested in it under this Ordinance;

(d) a joint certificate given by or on behalf of Far East Bank and First Pacific Bank at any time that any property or liability specified in the certificate (which property or liability immediately before the appointed day is the property or liability of Far East Bank) is or, as the case may be, is not, deemed to be vested in First Pacific Bank under this Ordinance, shall be conclusive evidence for all purposes of the fact so certified.

(3) In subsection (2)—

(a) "registered securities" (E) means shares, stocks, debentures, loans, bonds, units of a unit trust scheme or other shares of the investments subject to the trusts of such a scheme, and other securities of any description which are transferable and the holders of which are entered in a register (whether maintained in Hong Kong or not); and

(b) "convey" (#) includes mortgage, charge, lease, assent, vest by way of vesting declaration or vesting instrument, disclaim, release or otherwise assure.

(4) Nothing in this section applies to any property falling within section 5(2).

13. Interests in land

The vesting in First Pacific Bank of an interest in land by virtue of this Ordinance shall not-

(a) constitute a purchase or creation of that interest for the purposes of section 119E(2) of the Landlord and Tenant (Consolidation) Ordinance (Cap. 7); or

(b) constitute an assignment, transfer, devolution, parting with possession, dealing with or other disposition of that interest for the purposes of any provision contained in any instrument concerning that interest; or

(c) give rise to any forfeiture; or

(d) invalidate or discharge any contract or security; or