1964_SECURITIES_AND_FUTURES_COMMISSION_ORDINANCE — Page 104

104

CAP. 24]

Securities and Futures Commission

[1989 Ed.

qualified to practise as a barrister or solicitor under the Legal Practitioners Ordinance (Cap. 159).

(3) Nothing in this section shall derogate from the powers of the Attorney General in respect of the prosecution of criminal offences.

63. Dissolution of Provisional Securities and Futures

Commission Limited and transfer of property

(1) The Provisional Securities and Futures Commission Limited ("the Company" (A)) shall, on the establishment day, be dissolved by virtue of this section.

(2) All property, whether movable (including choses-in-action) or immovable, which immediately before the establishment day was vested in or belonged to or was held in trust or subject to conditions for the Company and all rights, powers and privileges relating to or connected with any such property, shall on the establishment day, without any conveyance or assignment, be transferred to and vested in or become the property of or property held in trust or subject to conditions for the Commission.

(3) All property transferred by this section which immediately before the establishment day was standing in the books of any bank or was registered in the books of any bank, corporation or company in the name of the Company shall, upon the request of the Commission made at any time on or after the establishment day, be transferred in those books by the bank, corporation or company into the name of the Commission.

(4) Every chose-in-action transferred by this section may, on or after the establishment day, be sued upon, recovered, or enforced by the Commission in its own name and it shall not be necessary for the Commission to give notice to the person bound by any such chose-in-action of the transfer effected by this section.

(5) Every debt or other liability (including unliquidated liabilities aris- ing from torts or breaches of a contract) which immediately before the establishment day is owing and unpaid or has been incurred and is un- discharged by the Company shall, on the establishment day, become and be the debt or liability of the Commission and shall be paid or discharged by and may be recovered from and shall be enforceable against the Commission accordingly.

(6) Every contract which was entered into and is in force immediately before the establishment day between the Company and any person shall continue in force on and after the establishment day, but it shall be construed and have effect as if the Commission were substituted therein for the Company and shall be enforceable by or against the Commission accordingly.