Hong Kong Ordinances

MASS TRANSIT RAILWAY ORDINANCE - SECT 59

Securities of Corporation as authorized investment

(Past version on 30/06/2000).

(1) For the purposes of paragraph 1(a) of the Second Schedule to the
Trustee Ordinance ( Cap 29), the Corporation is deemed to have paid a dividend
as there mentioned in the calendar year in which the appointed  day falls
(whether or not the Corporation does in fact pay such a dividend in that year)
and in each of the 5 years immediately preceding that year.

(2) For the purposes of paragraph 2 of the Second Schedule to the
Trustee Ordinance ( Cap 29)-

   (a)  any debt security which was issued by, or the payment of principal and
        interest on which was guaranteed by, MTRC before the appointed day and
        which becomes vested in the Corporation by virtue of Part IX; or

   (b)  during any period for which the Government beneficially owns more than
        half in nominal value of the issued share capital of the Corporation,
        any debt security which is issued by, or the payment of principal and
        interest on which is guaranteed by, the Corporation, is deemed to be a
        debt security which satisfies the requirements of that paragraph.

(3) In this section, "Corporation" (地鐵公司) means the company-

   (a)  which, as at the appointed day, is incorporated under the
        Companies Ordinance ( Cap 32) and registered under that Ordinance by
        the
name "MTR Corporation Limited" in English and "地鐵有限公司" in Chinese;
and

   (b)  the Chinese name of which is changed to "香港鐵路有限公司" on
        the Merger Date under section 66(1). (Added 11 of 2007 s. 23)

"Corporation" (地鐵公司)