1964_STANDARD_CHARTERED_ASIA_LIMITED_ORDINANCE — Page 7

6

CAP. 1136]
Standard Chartered Asia Limited
Vesting of
interests in land.
(Cap. 7.)
Saving for SC Asia.
Saving for
enactments
concerning financial institutions.
Saving.
Costs of Ordinance.

[1984 Ed.

(2) Without prejudice to the generality of subsection (1), any document made or executed on or after the appointed day whereby SC Asia, whether alone or jointly with any other person, conveys or transfers, or purports to convey or transfer, to any person (whether for consideration or not), or applies to be registered as the holder or proprietor of, any property held by MBFEL immediately before the appointed day, whether alone or jointly with any other person, shall be sufficient evidence that the interest of MBFEL in such property became vested in SC Asia by virtue of this Ordinance.

(3) Nothing in this section applies to any property falling within section 3(3) of this Ordinance.

12. The vesting in SC Asia 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; or

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

(c) give rise to any forfeiture; or

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

(e) operate so as to merge any leasehold interest in the reversion expectant on it.

13. Nothing in this Ordinance shall derogate from or prejudice the powers of SC Asia to alter its memorandum and articles of association or to dispose of, or deal with, its assets or to carry on or discontinue its business or any part thereof.

14. Save as expressly provided in this Ordinance, nothing in this Ordinance shall exempt MBFEL or SC Asia from the provisions of any enactment regulating the carrying on of the business of either of them.

15. Nothing in this Ordinance shall affect or be deemed to affect the rights of Her Majesty the Queen, Her Heirs or Successors, or the rights of any body politic or corporate or of any other persons except such as are mentioned in this Ordinance and those claiming by, from or under them.

16. The costs, charges and expenses preliminary to, and of and incidental to, the preparing for, obtaining and passing of this Ordinance, or otherwise in relation thereto, shall be paid by SC Asia.