Page:Mass Transit Railway Ordinance (Cap. 556).pdf/31

MASS TRANSIT RAILWAY ORDINANCE

(2) Section 37 is effective to vest in the Corporation the rights and liabilities of MTRC under any agreement made, transaction effected or other thing done by, to or in relation to MTRC (including under the pay review mechanism which has been adopted by MTRC and effective immediately before the appointed day) for the payment of pensions, allowances, gratuities and benefits of every description along with all other rights and liabilities of MTRC and, accordingly—
 * (a) any deed, rule, certificate, registration, exemption or other document constituting or relating to the Mass Transit Railway Corporation Retirement Scheme, the Mass Transit Railway Corporation Retention Bonus Scheme and the U.K. Office Retirement Scheme established for the benefit of employees of MTRC or any other body corporate related to MTRC; or
 * (b) any entitlement to gratuities or benefits payable by MTRC,

in force or effective immediately before the appointed day is construed and has effect, so far as the context allows, as if reference in that document to MTRC was a reference to the Corporation and as if that entitlement was payable by the Corporation.

(3) No member of the Board of MTRC or auditor of MTRC becomes by virtue only of section 37 or 38 a director or auditor of the Corporation. Matters relating to Corporation as a company 42. Share capital

(1) The Corporation shall, on the appointed day, issue shares to the Financial Secretary Incorporated which shall be held by the Financial Secretary Incorporated in trust on behalf of the Government.

(2) Shares issued in pursuance of this section—
 * (a) shall each be of a par value of an amount that the Financial Secretary directs and shall carry such rights as he determines;
 * (b) shall be issued at par as fully paid and shall be treated as if they had been paid up in cash as to the par value; and
 * (c) shall have an aggregate par value of not more than the aggregate par value of the issued shares of MTRC immediately before the appointed day.

(3) Section 43(1) of the Companies Ordinance (Cap. 32) does not apply in relation to an allotment of shares pursuant to this section.