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To provide for the vesting in The Daiwa Bank, Limited of the Hong Kong undertaking of Rainier International Bank; and for other related purposes. (Enacted 1988) [8 July 1988] (Originally 60 of 1988) Cap 1144 Preamble WHEREAS- (1) Rainier International Bank (hereinafter called "Rainier") is an Edge Act corporation organized under the laws of the United States of America having its home office at Los Angeles; (2) The Daiwa Bank, Limited (hereinafter called "Daiwa") is a company organized under the laws of Japan having its registered office at Osaka; (3) Rainier is a bank licensed under the Banking Ordinance (Cap 155) and carries on the business of banking in the United States of America and Hong Kong; (4) Daiwa is a bank licensed under the Banking Ordinance (Cap 155) and carries on the business of banking in Japan, Hong Kong and elsewhere; (5) on 27 April 1988 a conditional sale and purchase agreement was entered into between Rainier and Daiwa which includes provision for the acquisition by Daiwa of the Hong Kong undertaking of Rainier; and (6) in view of the extent of the contractual and other legal relationships affecting the conduct of the Hong Kong undertaking of Rainier, it is a condition of completion of such sale and purchase agreement that this Ordinance is enacted: (Enacted 1988) Cap 1144 s 1 Short title This Ordinance may be cited as the Rainier International Bank (Transfer of Hong Kong Undertaking) Ordinance. (Enacted 1988) Cap 1144 s 2 Interpretation (1) In this Ordinance, unless the subject or context otherwise requires- "Agreement" (有关协议) means the conditional sale and purchase agreement dated 27 April 1988 made between Rainier and Daiwa which includes provision for the acquisition by Daiwa of the Hong Kong undertaking; "appointed day" (指定日期) means such day (not being later than 30 September 1988) as may be specified in a joint notice given by Rainier and Daiwa pursuant to section 3 of this Ordinance; "customer" (客户) means any person having a banking account or other dealing, transaction or arrangement with Rainier in connection with the Hong Kong undertaking; "Daiwa" means The Daiwa Bank, Limited; "existing" (现有) means existing, outstanding or in force immediately before the appointed day; "Hong Kong undertaking" (香港业务) means the business of the 9 Hong Kong branches of Rainier and all existing property and liabilities of Rainier of whatsoever nature pertaining thereto or which are derived therefrom, being business, property and liabilities which are governed by Hong Kong law, the transfer of which is governed by Hong Kong law or which are derived from the Hong Kong business of the said 9 Hong Kong branches, but excluding- (i) the cash sum to be repaid from the Hong Kong undertaking to Rainier pursuant to the provisions of the Agreement; (ii) the issued shares in the capital of Rainier International Finance Company Limited; (iii) the business of the home office of Rainier and of the branches of Rainier outside Hong Kong and all existing property and liabilities of Rainier of whatsoever nature pertaining thereto or derived therefrom; and (iv) documents required to be kept by Rainier pursuant to the provisions of the Companies Ordinance (Cap 32);"liabilities" (法律责任) includes duties and obligations of every description (whether present or future, actual or contingent); "property" (财产) means property and assets of every description and rights of every description (whether present or future, actual or contingent), and includes property held on trust and securities, benefits and powers of every description; "Rainier" means Rainier International Bank; "security" (抵押) includes a mortgage or charge (whether legal or equitable), debenture, bill of exchange, promissory note, guarantee, lien, pledge (whether actual or constructive), hypothecation, assignment by way of security, indemnity, right of set-off, undertaking or other means of securing payment or discharge of a liability (whether present or future, actual or contingent); "will" (遗嘱) includes a codicil and any other testamentary writing. (2) Any reference in this Ordinance to property or liabilities of Rainier is a reference to property or liabilities to which Rainier is for the time being entitled or subject (whether beneficially or in any fiduciary capacity) and forming part of the Hong Kong undertaking, wherever such property or liabilities are situated or arise and whether or not capable of being transferred or assigned by Rainier, and whether Rainier is entitled to such property or subject to such liabilities under the law of Hong Kong or under the law of any country or territory outside Hong Kong. (3) Any body politic or corporate and any other person or persons whose rights are affected by any of the provisions of this Ordinance shall be deemed to be mentioned herein. (Enacted 1988) Cap 1144 s 3 Notice of appointed day Rainier and Daiwa shall give joint notice in the Gazette of the day expected to be the appointed day save that, in the event that such day proves not to be the appointed day for any reason, Rainier and Daiwa shall give joint notice in the Gazette to that effect and shall again give joint notice in the Gazette of the next day expected to be the appointed day or, as the case may be, of the day which was the appointed day. |