PART IX
Vesting Provisions and Transitional Arrangements
36. Interpretation
(1) In this Part, unless the context requires otherwise, “financial year” (財政年度) means a year ending with 31 December, and reference to the last complete financial year of MTRC is a reference to the last financial year of MTRC ending before the appointed day.
(2) Reference in this Part to property, rights and liabilities of MTRC is a reference to—
- (a) property and assets of every description (whether tangible or intangible) and rights and liabilities of every description (whether present or future, actual or contingent);
- (b) property wherever situated or rights and liabilities under the law of any place;
- (c) all such property, rights and liabilities, whether or not capable of being transferred or assigned by MTRC.
Vesting
37. Property, etc. of MTRC to vest in Corporation
(1) On the appointed day all the property, rights and liabilities to which MTRC was entitled or subject immediately before that day become by virtue of this section property, rights and liabilities of the Corporation.
(2) Sections 38 to 41 are supplementary to this section and, accordingly, have effect on and from the appointed day subject to, and without limiting the generality of, subsection (1).
38. Agreements, transactions, etc. affecting MTRC
(1) Any agreement made, transaction effected or other thing done by, to or in relation to MTRC which is in force or effective immediately before the appointed day shall have effect as from that day as if made, effected or done by, to or in relation to the Corporation, in all respects as if the Corporation were the same person in law as MTRC.
(2) Accordingly, references (whether express or implied) to MTRC—
- (a) in any agreement made, transaction effected or other thing done by, to or in relation to MTRC (whether or not in writing);
