【法规名称】
【法规编号】 68735 什么是编号？
【正 文】
第12页 CAP 556 MASS TRANSIT RAILWAY ORDINANCE
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[接上页] (2) Section 37 is effective to vest in the Corporation the rights and liabilities of MTRC under any agreement made, transaction effected or other thing done by, to or in relation to MTRC (including under the pay review mechanism which has been adopted by MTRC and effective immediately before the appointed day) for the payment of pensions, allowances, gratuities and benefits of every description along with all other rights and liabilities of MTRC and, accordingly- (a) any deed, rule, certificate, registration, exemption or other document constituting or relating to the Mass Transit Railway Corporation Retirement Scheme, the Mass Transit Railway Corporation Retention Bonus Scheme and the U.K. Office Retirement Scheme established for the benefit of employees of MTRC or any other body corporate related to MTRC; or (b) any entitlement to gratuities or benefits payable by MTRC,in force or effective immediately before the appointed day is construed and has effect, so far as the context allows, as if reference in that document to MTRC was a reference to the Corporation and as if that entitlement was payable by the Corporation. (3) No member of the Board of MTRC or auditor of MTRC becomes by virtue only of section 37 or 38 a director or auditor of the Corporation. Cap 556 s 42 Share capital Matters relating to Corporation as a company (1) The Corporation shall, on the appointed day, issue shares to the Financial Secretary Incorporated which shall be held by the Financial Secretary Incorporated in trust on behalf of the Government. (2) Shares issued in pursuance of this section- (a) shall each be of a par value of an amount that the Financial Secretary directs and shall carry such rights as he determines; (b) shall be issued at par as fully paid and shall be treated as if they had been paid up in cash as to the par value; and (c) shall have an aggregate par value of not more than the aggregate par value of the issued shares of MTRC immediately before the appointed day.(3) Section 43(1) of the Companies Ordinance (Cap 32) does not apply in relation to an allotment of shares pursuant to this section. Cap 556 s 43 Accounts (1) For the purpose of any accounts prepared by the Corporation for the purposes of the Companies Ordinance (Cap 32)- (a) the Corporation shall be treated, on and from the appointed day, as if it were the continuation of MTRC; (b) the value of any asset and the amount of any liability of MTRC vested in the Corporation by virtue of this Part is taken to be the value assigned to that asset or the amount assigned to that liability in the audited accounts of MTRC for the last complete financial year of MTRC; and (c) the amount to be included in respect of any item is determined as if anything done by MTRC (whether by way of acquiring, revaluing or disposing of any asset or incurring, revaluing or discharging any liability, or by carrying any amount to any provision or reserve, or otherwise) had been done by the Corporation.(2) Accordingly (and without affecting the generality of subsection (1))- (a) the amount to be included from time to time in any reserves of the Corporation as representing the Corporation's accumulated realised profits is determined as if the profits realised and retained by MTRC had been realised and retained by the Corporation; (b) every other reserve or provision of MTRC becomes a reserve or provision of the Corporation; and (c) the amount, description and character of every reserve or provision of the Corporation which becomes a reserve or provision of the Corporation pursuant to paragraph (b) is the same in all respects as those of the corresponding reserve or provision of MTRC immediately before the appointed day.(3) Without affecting the generality of subsection (1), on and from the appointed day all profits or losses of MTRC earned or incurred after the beginning of the financial year of MTRC in which the appointed day occurs are treated as profits or losses of the Corporation. (4) For the purposes of the accounts of the Corporation prepared for the purposes of the Companies Ordinance (Cap 32), the vesting in the Corporation effected by virtue of this Part is taken- (a) to have been effected immediately after the end of the last complete financial year of MTRC; and (b) to have been a vesting of all the property, rights and liabilities to which MTRC was entitled or subject immediately before the end of the last complete financial year of MTRC.(5) Section 122(1) of the Companies Ordinance (Cap 32) applies to and in relation to the Corporation as if reference in that subsection to the period since the incorporation of the company was a reference to the period beginning immediately after the last complete financial year of MTRC. Cap 556 s 44 Distribution of dividend For the purpose of any distribution to which Part IIA of the Companies Ordinance (Cap 32) applies and which is made by the Corporation during the financial year of the Corporation which includes the appointed day or at any time before any accounts are laid or filed in respect of that year- |
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