Page:Mass Transit Railway Ordinance (Cap. 556).pdf/29

MASS TRANSIT RAILWAY ORDINANCE


 * (c) in any other document whatever (other than an enactment) relating to or affecting any property, right or liability of MTRC which vests by virtue of section 37 in the Corporation,

shall be taken as from the appointed day as referring to the Corporation.

(3) Where immediately before the appointed day there is in force or effective an agreement made, transaction effected or other thing done by, to or in relation to MTRC which refers (in whatever terms and whether expressly or by implication) to a person employed by or engaged in the business of MTRC, that agreement, transaction or other thing shall have effect, in relation to anything falling to be done on or after the appointed day, as if for that reference there were substituted a reference to such person as the Corporation may appoint or, in default of appointment, to the person employed by or engaged in the business of the Corporation who corresponds as nearly as may be to the person employed by or engaged in the business of MTRC in question.

(4) For the avoidance of doubt, reference in this Part to any agreement made, transaction effected or other thing done by, to or in relation to MTRC includes reference to—
 * (a) any guarantee, conveyance, deed, lease, licence, notice, permit, document granting or comprising any security, bond, mandate, instruction and other document or instrument entered into by, given to or by or addressed to MTRC;
 * (b) any instruction, order, direction, mandate, power of attorney, authority, undertaking or consent given to or by MTRC, whether alone or jointly with another person and whether in writing or not;
 * (c) any direction, order or notice made under any legislation;
 * (d) any contract to which MTRC was not a party;
 * (e) any entry on any register.

(5) Sections 39 to 41 are for the avoidance of doubt and do not affect the generality of this section.

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).