Page:Mass Transit Railway Ordinance (Cap. 556).pdf/30

MASS TRANSIT RAILWAY ORDINANCE

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

(3) In this section, “security” (抵押) means any interest, legal or equitable, by means of which the payment or discharge of a debt or liability (whether present or future, actual or contingent) is secured, whether or not that interest is evidenced in writing.

40. Miscellaneous supplementary provisions

(1) The Corporation and all other persons have the same rights, powers and remedies for ascertaining, perfecting or enforcing any right or liability vested in the Corporation by virtue of this Part as they would have had if that right or liability had at all times been a right or liability of the Corporation; and in this subsection reference to rights and powers includes in particular a reference to rights and powers as to the taking or resisting of legal proceedings or the making or resisting of applications to any authority.

(2) Any legal proceedings or applications to any authority pending or commenced by or against MTRC shall be continued by or against the Corporation to the exclusion of MTRC.

(3) Any judgment or award obtained by or against MTRC and not fully satisfied before the appointed day is enforceable by or against the Corporation to the extent that it was enforceable by or against MTRC immediately before that date.

(4) The functions of MTRC under any Ordinance as in force immediately before the appointed day which—
 * (a) relates to any part of the business of MTRC; or
 * (b) authorizes the carrying out of works designed to be used in connection with any part of the business of MTRC or the acquisition of land for the purpose of carrying out any such works,

become the functions of the Corporation for the purposes of that Ordinance.

41. Employment-related matters

(1)The effect of section 37 in relation to any contract of employment with MTRC in force immediately before the appointed day is merely to modify that contract (as from that day) by substituting the Corporation for MTRC and, accordingly, employment with MTRC and the Corporation under a contract of employment to which that section applies is deemed for all purposes to be a single continuing employment.