1984 Ed.]
Standard Chartered Asia Limited
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(b) any retained profits of MBFEL as at the first day of such accounting periods and any reserves arising on the vesting of the property and liabilities of MBFEL in SC Asia pursuant to section 3 shall be distributable by SC Asia.
6. (1) Any property vested in SC Asia by virtue of this Ordinance which immediately before the appointed day was held by MBFEL, whether alone or jointly with any other person, as trustee or custodian trustee of any trust deed, settlement, covenant, agreement or other instrument (whether originally so appointed or not, and whether appointed under hand or seal, or by order of any court), as judicial trustee appointed by order of any court or in any other fiduciary capacity, shall on and from the appointed day be held by SC Asia alone or, as the case may be, jointly with such other person in the same capacity upon the trusts, and with and subject to the powers, provisions and liabilities, applicable thereto respectively.
(2) Any existing instrument or order of any court under or by virtue of which any property became vested in MBFEL in any such fiduciary capacity, and any provision therein, or any existing contract or arrangement for the payment to, or retention by, MBFEL of remuneration for its services in any such fiduciary capacity, shall, on and from the appointed day, be construed and have effect, so far as the context permits, as if for any reference therein to MBFEL (other than a reference, however worded and whether express or implied, to terms and conditions of or to a scale of fees of MBFEL) there were substituted a reference to SC Asia.
7. Without prejudice to the generality of the foregoing provisions of this Ordinance but subject to any provision in this Ordinance to the contrary effect, the following provisions shall have effect in relation to property and liabilities vested in SC Asia by virtue of this Ordinance-
(a) every existing contract to which MBFEL is a party (whether in writing or not) shall be construed and have effect on and from the appointed day as if-
(i) SC Asia had been a party thereto instead of MBFEL;
(ii) for any reference (however worded and whether express or implied) to MBFEL there were substituted, as respects anything falling to be done on or after the appointed day, a reference to SC Asia; and
(iii) any reference (however worded and whether express or implied) to the directors or to any director, officer, clerk or servant of MBFEL were, as respects anything falling to be done on or after the appointed day, a reference to the directors of SC Asia or, as the case may require, to such director, officer, clerk or servant of SC Asia, as SC Asia may appoint for that purpose or, in default of appointment, to the director, officer, clerk or servant of SC Asia who corresponds as nearly as may be to the first-mentioned director, officer, clerk or servant;
Trust property.
Supplementary provisions.
1984 Ed.]
Standard Chartered Asia Limited
[CAP. 1136
3
(b) any retained profits of MBFEL as at the first day of such accounting periods and any reserves arising on the vesting of the property and liabilities of MBFEL in SC Asia pursuant to section 3 shall be distributable by SC Asia.
6. (1) Any property vested in SC Asia by virtue of this Ordinance which immediately before the appointed day was held by MBFEL, whether alone or jointly with any other person, as trustee or custodian trustee of any trust deed, settlement, covenant, agree- ment or other instrument (whether originally so appointed or not, and whether appointed under hand or seal, or by order of any court), as judicial trustee appointed by order of any court or in any other fiduciary capacity, shall on and from the appointed day be held by SC Asia alone or, as the case may be, jointly with such other person in the same capacity upon the trusts, and with and subject to the powers, provisions and liabilities, applicable thereto respectively.
(2) Any existing instrument or order of any court under or by virtue of which any property became vested in MBFEL in any such fiduciary capacity, and any provision therein, or any existing con- tract or arrangement for the payment to. or retention by, MBFEL of remuneration for its services in any such fiduciary capacity, shall, on and from the appointed day, be construed and have effect, so far as the context permits, as if for any reference therein to MBFEL (other than a reference, however worded and whether express or implied. to terms and conditions of or to a scale of fees of MBFEL) there were substituted a reference to SC Asia.
7. Without prejudice to the generality of the foregoing pro- visions of this Ordinance but subject to any provision in this Ordinance to the contrary effect, the following provisions shall have effect in relation to property and liabilities vested in SC Asia by virtue of this Ordinance-
(a) every existing contract to which MBFEL is a party (whether in writing or not) shall be construed and have effect on and from the appointed day as if-
(i) SC Asia had been a party thereto instead of MBFEL;
(ii) for any reference (however worded and whether express or implied) to MBFEL there were substituted, as respects anything falling to be done on or after the appointed day, a reference to SC Asia; and
(iii) any reference (however worded and whether ex- press or implied) to the directors or to any director, officer, clerk or servant of MBFEL were, as respects anything falling to be done on or after the appointed day, a reference to the directors of SC Asia or, as the case may require, to such director, officer, clerk or servant of SC Asia, as SC Asia may appoint for that purpose or, in default of appointment, to the director, officer, clerk or servant of SC Asia who corresponds as nearly as may be to the first- mentioned director, officer, clerk or servant;
Trust property.
Supplementary provisions.
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