Hong Kong Ordinances

MASS TRANSIT RAILWAY ORDINANCE - SECT 52B

Vesting of certain contractual rights and liabilities of KCRC in Corporation

(1) Where a contract or a class of contracts is specified in a Vesting Notice-

   (a)  the rights which are exercisable by KCRC at any time on or after the
        relevant date under the terms of the contract or a contract of the
        class of contracts; and

   (b)  the liabilities which are to be discharged by KCRC at any time on or
        after the relevant date under the terms of the contract or a contract
        of the class of contracts, shall vest in the Corporation by virtue of
        this subsection on that date.

(2) Where a right is exercisable by KCRC before, on and after the
relevant date under the terms of a contract or a contract of a class of
contracts specified in a Vesting Notice, subsection (1) does not apply to the
right which is exercisable by KCRC in respect of the period before the
relevant date.

(3) The Secretary may make a Vesting Notice for the purposes of subsection
(1).

(4) A Vesting Notice made under subsection (3) shall be published in the
Gazette as a general notice. (Part IXA added 11 of 2007 s. 20)