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An Ordinance to provide for the vesting in Po Sang Bank Limited of certain undertakings of Bank of China, The Kwangtung Provincial Bank, Sin Hua Bank Limited, The China & South Sea Bank Limited, Kincheng Banking Corporation, The China State Bank, Limited, The National Commercial Bank Limited, The Yien Yieh Commercial Bank Limited and Hua Chiao Commercial Bank Limited, the transfer of shares in each of Nanyang Commercial Bank Limited, Chiyu Banking Corporation Limited and BOC Credit Card (International) Limited to Po Sang Bank Limited and for other related purposes. [20 July 2001] (Originally 25 of 2001) Cap 1167 Preamble WHEREAS- (a) Po Sang Bank Limited (hereinafter called "Po Sang") is a company incorporated under the laws of Hong Kong; (b) Bank of China is a state-owned enterprise established under national law; (c) The Kwangtung Provincial Bank, Sin Hua Bank Limited, The China & South Sea Bank Limited, Kincheng Banking Corporation, The China State Bank, Limited, The National Commercial Bank Limited and The Yien Yieh Commercial Bank Limited (hereinafter called "the Mainland incorporated banks") are companies incorporated under national law; (d) each of the Mainland incorporated banks has a branch in Hong Kong; (e) The Kwangtung Provincial Bank has a branch in Shenzhen Special Economic Zone, the People's Republic of China and Sin Hua Bank Limited has a branch in Shenzhen Special Economic Zone, the People's Republic of China; (f) Nanyang Commercial Bank Limited (hereinafter called "Nanyang"), Hua Chiao Commercial Bank Limited (hereinafter called "Hua Chiao"), Chiyu Banking Corporation Limited (hereinafter called "Chiyu") and BOC Credit Card (International) Limited (hereinafter called "BOC-CC") are companies incorporated under the laws of Hong Kong; (g) Po Sang, Bank of China, the Mainland incorporated banks, Hua Chiao, Nanyang and Chiyu are all banks licensed under the Banking Ordinance (Cap 155) and carrying on the business of banking in Hong Kong and elsewhere; (h) Po Sang, Bank of China, the Mainland incorporated banks, Hua Chiao, Nanyang, Chiyu and BOC-CC are all members of the Bank of China Group; (i) for the better conduct of the businesses of the Bank of China Group, it is expedient that the respective undertakings of Po Sang, Bank of China Hong Kong Branch, the Hong Kong branches of the Mainland incorporated banks, Kwangtung Shenzhen Branch, Sin Hua Shenzhen Branch and Hua Chiao be merged and that such merger should be effected by means of a transfer of the undertakings of Bank of China Hong Kong Branch, the Hong Kong branches of the Mainland incorporated banks, Kwangtung Shenzhen Branch, Sin Hua Shenzhen Branch and Hua Chiao to Po Sang; (j) in view of the extent of the contractual and other legal relationships affecting the conduct of the undertakings of Po Sang, Bank of China Hong Kong Branch, the Hong Kong branches of the Mainland incorporated banks, Kwangtung Shenzhen Branch, Sin Hua Shenzhen Branch and Hua Chiao, it is expedient to make provision to facilitate such merger without interference with the conduct and continuity of the respective businesses of Po Sang, Bank of China Hong Kong Branch, the Hong Kong branches of the Mainland incorporated banks, Kwangtung Shenzhen Branch, Sin Hua Shenzhen Branch and Hua Chiao; (k) for the better conduct of the businesses of the Bank of China Group, it is expedient that Nanyang, Chiyu and BOC-CC should become subsidiaries of Po Sang and it is expedient to make provision to facilitate such transfers. Cap 1167 s 1 Short title This Ordinance may be cited as the Bank of China (Hong Kong) Limited (Merger) Ordinance. Cap 1167 s 2 Interpretation (1) In this Ordinance, unless the subject or context otherwise requires- "appointed time" (指定时间) means such day and time as may be appointed pursuant to section 3; "Bank of China" (中国银行) means Bank of China, a state-owned enterprise established under national law; "Bank of China Group" (中银集团) means Bank of China and its subsidiaries; "Bank of China Hong Kong Branch" (中国银行香港分行) means- (a) the business carried on by Bank of China in or from its branch in Hong Kong; and (b) all existing property and liabilities of the Hong Kong branch of Bank of China of whatsoever nature as recorded in or created by any of the books and records of Bank of China and any other property and liabilities of the Hong Kong branch of Bank of China related thereto,other than the excluded property and liabilities;"BOC-CC" (中银信用卡公司) means BOC Credit Card (International) Limited; "books and records" (簿册及纪录) means any document, record (including an electronic record), report, letter or register of whatsoever nature kept by or on behalf of a person including without limitation the annual return and balance sheets and any ledger, day book, cash book, account book or bank book; "certified copy" (核证副本) means a copy certified by a director, secretary or officer of Po Sang as being a true copy of the original; |