1985 Ed.]
Overseas Trust Bank (Acquisition)
[CAP. 379
CHAPTER 379
OVERSEAS TRUST BANK (ACQUISITION)
To provide for the acquisition by the Government of the Overseas Trust Bank Limited, the compensation payable in respect of such acquisition and the carrying on of the business of that Bank and for connected purposes.
[8 June 1985.]
1. This Ordinance may be cited as the Overseas Trust Bank (Acquisition) Ordinance.
2. In this Ordinance, unless the context otherwise requires-
"commencement" means the commencement of this Ordinance;
"company" means the Overseas Trust Bank Limited;
"former director" means any director of the company or any of its subsidiaries removed from office by section 7;
"subsidiary" has the same meaning as in the Companies Ordinance.
3. (1) Subject to this Ordinance, all the shares in the capital of the company shall by virtue of this section vest in the Financial Secretary Incorporated for and on behalf of the Government free from all trusts and incumbrances.
(2) The Financial Secretary Incorporated shall, in respect of the shares which vest in it by virtue of subsection (1), be entitled or subject, as from commencement, to the exclusion of the previous holders thereof, to all rights, privileges and advantages and all the liabilities and obligations arising from the holding of those shares, in all respects as if the shares had been duly transferred to the Financial Secretary Incorporated in accordance with the enactments and rules of law (other than this Ordinance) applicable thereto and everything necessary to make the transfer of those rights, privileges, advantages, liabilities and obligations fully effective had been done.
(3) Without prejudice to subsection (2), the person concerned with the keeping of the company's register of members shall forthwith register the Financial Secretary Incorporated therein and the company shall forthwith issue to the Financial Secretary Incorporated the appropriate documents of title relating to the company's shares which vest in the Financial Secretary Incorporated by virtue of this section.
4.
(Amended, L.N. 180/85)
Where immediately before commencement any property, facility or service, not being the property of or provided by the company or any subsidiary thereof, was being used, enjoyed or
Originally 30 of 1985.
L.N. 180/85.
Short title.
Interpretation.
(Cap. 32.)
Vesting in Financial Secretary Incorporated of shares of the company.
Continued use of property etc.
1985 Ed.]
Overseas Trust Bank (Acquisition)
[CAP. 379
CHAPTER 379
OVERSEAS TRUST BANK (ACQUISITION)
To provide for the acquisition by the Government of the Overseas Trust Bank Limited, the compensation payable in respect of such acquisition and the carrying on of the business of that Bank and for connected purposes.
[8 June 1985.]
1. This Ordinance may be cited as the Overseas Trust Bank (Acquisition) Ordinance.
2. In this Ordinance, unless the context otherwise requires-
"commencement" means the commencement of this Ordinance;
"company" means the Overseas Trust Bank Limited i
有限公司;
"former director" means any director of the company or any of its
subsidiaries removed from office by section 7;
"subsidiary" has the same meaning as in the Companies Ordinance.
3. (1) Subject to this Ordinance, all the shares in the capital of the company shall by virtue of this section vest in the Financial Secretary Incorporated for and on behalf of the Government free from all trusts and incumbrances.
(2) The Financial Secretary Incorporated shall, in respect of the shares which vest in it by virtue of subsection (1), be entitled or subject, as from commencement, to the exclusion of the previous holders thereof, to all rights, privileges and advantages and all the liabilities and obligations arising from the holding of those shares, in all respects as if the shares had been duly transferred to the Financial Secretary Incorporated in accordance with the enactments and rules of law (other than this Ordinance) applicable thereto and everything necessary to make the transfer of those rights, privileges, advan- tages, liabilities and obligations fully effective had been done.
(3) Without prejudice to subsection (2), the person concerned with the keeping of the company's register of members shall forth- with register the Financial Secretary Incorporated therein and the company shall forthwith issue to the Financial Secretary Incorporated the appropriate documents of title relating to the company's shares which vest in the Financial Secretary Incor- porated by virtue of this section.
4.
(Amended, L.N. 180/85)
Where immediately before commencement any property, facility or service, not being the property of or provided by the company or any subsidiary thereof, was being used, enjoyed or
Originally 30 of 1985.
L.N. 180/85.
Short title.
Interpretation.
(Cap. 32.)
Vesting in Financial Secretary Incorporated of shares of the company.
Continued use of property etc.
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