Hong Kong Ordinances

URBAN RENEWAL AUTHORITY ORDINANCE - SECT 37

Transfer of properties, assets, contracts, etc.

(1) All immovable property owned by the Land Development  Corporation at the
date of commencement of Parts II to VIII of this Ordinance shall, at that
date, be owned by the Authority by virtue of this Ordinance for the residue of
the term of years created by the respective Government leases, subject to the
covenants, conditions, stipulations, exceptions, reservations, provisos and
powers contained in and reserved by those respective Government leases.

(2) All permissions and approvals obtained by the Land Development 
Corporation from the Town Planning Board, the Secretary, the Financial
Secretary, or the Chief Executive in Council which were in force immediately
before the commencement of Parts II to VIII of this Ordinance shall, on the
commencement of Parts II to VIII of this Ordinance, be transferred to the
Authority on the same terms and conditions.

(3) Any movable property, right and privilege vested in the Land 
Development Corporation shall, on the commencement of Parts II to VIII of this
Ordinance, be vested in the Authority on the same terms and conditions, and
the Authority shall be subject to the same obligations and liabilities to
which the Land Development Corporation was subject at the date of commencement
of Parts II to VIII of this Ordinance.

(4) At the date of commencement of Parts II to VIII of this Ordinance, all
books, papers, documents, minutes, equipment, receipts and accounts relating
to the Land Development Corporation and to its operation under the
repealed Ordinance shall be delivered to the Authority.

(5) Every contract entered into by the Land Development Corporation which was
in force immediately before the commencement of Parts II to VIII of this
Ordinance shall, as from that date, have effect as if the Authority is
substituted for the Land Development Corporation, and the contract may be
enforced by or against the Authority.

(6) The legal claims including present, future, actual and contingent claims
by or against the Land Development Corporation and judicial proceedings
instituted by or against the Land Development  Corporation that existed
immediately before the commencement of Parts II to VIII of this Ordinance, do
not abate by reason only of the fact of the repeal of the
Land Development Corporation Ordinance ( Cap 15), and the Authority is
substituted for the Land Development Corporation in any proceedings pending
before any court or tribunal.

(7) The property of the Land Development Corporation owned by it immediately
before the commencement of Parts II to VIII of this Ordinance is transferred
to and is owned by the Authority subject to any existing claim or liability,
and the Authority may sue on, recover or enforce a chose in action transferred
by this subsection without having to give notice of the transfer to a person
bound by the chose in action, and without limitation it is provided that the
insurance policies and any benefit of trade marks, copyright and other
intellectual property rights held by the Land Development Corporation are
transferred to the Authority.

(8) Any contributory or non-contributory scheme for payment of provident funds
to the employees of the Land Development Corporation which was in place
immediately before the commencement of Parts II to VIII of this Ordinance
shall, as from that date, continue to operate as if the scheme had been put in
place by the Authority. The employees of the Land  Development Corporation
under the arrangements of such a scheme shall be taken to be the employees of
the Authority, and the Authority shall replace the
Land Development Corporation in all the arrangements of such a scheme.

(9) The effect of subsections (5) and (8) in relation to any employment
contract with the Land Development Corporation which was in force immediately
before the date of commencement of Parts II to VIII of this Ordinance is
merely to modify that contract, as from that date, by substituting the
Authority for the Land Development Corporation and, accordingly, employment
with the Land Development Corporation and the Authority under an employment
contract to which those subsections apply is deemed for all purposes to be a
single continuing employment.

(10) On the commencement of Parts II to VIII of this Ordinance, the Authority
is to repay any outstanding balance of the loan referred to in paragraph 1(k)
of Part I of the Schedule to the Loan Fund (Cap 2 sub. leg.) of the
Land Development Corporation to the Government under the same terms and
conditions as was determined between the Land Development  Corporation and the
Government prior to that commencement.