Hong Kong Ordinances

TRAVEL AGENTS ORDINANCE - SECT 32R

Transfer of assets and liabilities

(1) On the commencement* of the Travel Agents (Amendment) Ordinance
1993 (51 of 1993) (in this section and section 32S referred to as "the
amending Ordinance"), all assets and liabilities of the Company existing
immediately before such commencement shall be transferred to and vested in the
Board.

(2) Without affecting the generality of subsection (1), on the commencement of
the amending Ordinance-

   (a)  the money which immediately before the commencement of the 
        amending Ordinance constituted a fund known under this Ordinance as
        the Travel Agents' Reserve Fund;

   (b)  where any money of the fund referred to paragraph (a) had been
        invested, any such investment;

   (c)  the money which immediately before the commencement of the
amending Ordinance constituted the fund known to the Company as the "the Fund"
and established, administered and maintained by the Company; and

   (d)  where any money of the fund referred to in paragraph (c) had been
        invested, any such investment, shall become the property of the Board.

(3) All money or investments which become the property of the Board under
subsection (2) and which immediately before the commencement of the 
amending Ordinance were standing in the books of any bank, or were registered
in the books of any bank, corporation or company in the name of the fund
referred to in subsection (2)(a) or the Company, as the case may be, shall,
upon the request of the Board, be transferred in those books by the bank,
corporation or company into the name of the Board.

(4) The Board shall pay any money which becomes its property under subsection
(2) or (3) into the Travel Industry Compensation Fund.

(5) Every contract which was entered into and is in force immediately before
the commencement of the amending Ordinance between the Company and any person
shall continue in force on and after that commencement, but shall be construed
and have effect as if the Board were substituted therein for the Company and
shall be enforceable by or against the Board accordingly and, without
affecting the generality of the foregoing, any right of the Company as regards
the repayment of the whole or part of any debt or the payment of interest,
which was so in force, and chose in action relating to any such right shall,
by virtue of this subsection, be transferred to and vested in the Board.

(6) On the commencement of the amending Ordinance, the Company shall,
notwithstanding any provisions to the contrary in its constitution governing
the winding up or dissolution of the Company and notwithstanding the
provisions of any other Ordinance, be deemed to be dissolved under
section 291A(1) of the Companies Ordinance ( Cap 32) as if, on that
commencement, the High Court had made an order under that section that the
company be struck off the register and dissolved and, accordingly, the
Registrar of Companies shall, on that commencement, or so soon thereafter as
is possible, strike the company off the register.

(7) For the avoidance of doubt, it is hereby declared that-

   (a)  section 291A(2) of the Companies Ordinance ( Cap 32) shall not apply;
        and

   (b)  section 291B of that Ordinance shall apply, to the Company.

(8) In this section "Company" (有關公司) means the limited company
registered in the name of TIC Reserve Fund under the Companies Ordinance (
Cap 32) immediately before the commencement of the amending Ordinance. (Part
IIIA added 51 of 1993 s. 5)
___________________________________________________________________________
___ Note:

* Commencement date: 15 October 1993.

"Company" (有關公司)