Hong Kong Ordinances

MASS TRANSIT RAILWAY ORDINANCE - SECT 52F

Security

(1) In relation to a contract to which section 52B(1) applies, any security
held immediately before the relevant date by KCRC, or by a person as nominee
of, agent of or trustee for KCRC, in respect of the rights under the contract
which are vested in the Corporation under that section, 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) as from that date, 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) as from that date.

(2) In relation to any security vested in the Corporation by virtue of
subsection (1) 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 KCRC would have been entitled to and subject
to if it had continued to hold the security.

(3) In relation to a contract to which section 52C(1) applies, any security
held immediately before the relevant date by the Corporation, or by a person
as nominee of, agent of or trustee for the Corporation, in respect of the
rights under the contract which are vested in KCRC under that section, shall
be held by KCRC, or by that person as nominee of, agent of or trustee for KCRC
(as the case may require) as from that date, and shall be available to KCRC
(whether for its own benefit or for the benefit of any other person, as the
case may be) as from that date.

(4) In relation to any security vested in KCRC by virtue of subsection (3) and
any liabilities secured by the security, KCRC shall be entitled to the rights
and priorities, and shall be subject to the obligations and incidents, which
the Corporation would have been entitled to and subject to if it had continued
to hold the security. (Part IXA added 11 of 2007 s. 20)