Hong Kong Ordinances

MASS TRANSIT RAILWAY ORDINANCE - SECT 39

Security

(1) Any security held immediately before the appointed day by MTRC, or by a
person as nominee of, agent of or trustee for MTRC, shall be held by the
Corporation, or by that person as nominee of, agent of or trustee for the
Corporation (as the case may require), and shall be available to the
Corporation (whether for its own benefit or for the benefit of any other
person, as the case may be).

(2) In relation to any security vested in the Corporation by virtue of this
Part and any liabilities secured by the security, the Corporation shall be
entitled to the rights and priorities, and shall be subject to the obligations
and incidents, which MTRC would have been entitled to and subject to if it had
continued to hold the security.

(3) In this section, "security" (抵押) means any interest, legal or
equitable, by means of which the payment or discharge of a debt or liability
(whether present or future, actual or contingent) is secured, whether or not
that interest is evidenced in writing.

"security" (抵押)