Hong Kong Ordinances

HONG KONG SPORTS DEVELOPMENT BOARD (REPEAL) ORDINANCE - SECT 7

Vesting

(1) On the commencement, all assets, liabilities, rights and obligations
vested in the Board or the Committee immediately before the commencement are
vested in the Government.

(2) On the commencement, any balance of the Fund existing immediately before
the commencement is vested in the Government.

(3) As from the commencement, a provision of the following description
contained in any agreement, deed, bond or other instrument to which the Board
or the Committee is a party is to be taken to have been waived—

   (a)  a provision which prohibits or has the effect of prohibiting, or
        requires or has the effect of requiring any consent or approval for,
        the vesting effected under this section; or

   (b)  a provision by which, as a result of the vesting, a default occurs or
        is deemed to occur, or any right or obligation arises or ceases.

(4) Any record of assets or liabilities held in the name of the Board, the
Committee or the Fund which appears in the form of an entry in the books of a
bank, company or other person is to be changed, on the request of the
Government, by the bank, company or other person to be a record of assets or
liabilities held in the name of the Government in those books.

(5) For the avoidance of doubt, the vesting effected under this section has
effect without the need for any conveyance, assignment, surrender, transfer or
other act.