Section 5: Contracts and proceedings

5. Contracts and proceedings.__(1) Unless otherwise expressly provided in this Ordinance, on the vesting of the business, projects, properties and shares of the Managed Companies in the Company or a subsidiary, all order s, contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the date of the vesting, executed or issued by or in favour of the Corporation in relation to such business, projects, properties or Managed Companies shall be of as full force and effect against or in favour of the Company or as the case may be, the s ubsidiary and may be enforced or acted upon as fully and effectually, as if instead of the Corporation the Company or the subsidiary had been a party thereto or as if the same had been issued by or in favour of the Company or the subsidiary. (2) If any suit, appeal or other proceedings of whatever nature in relation to any business, properties or Managed Company which is or, as the case may be, the shares of which are, vested in the Company or a subsidiary is pending by or against the Co rporation, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the vesting or of anything done under this Ordinance, but the suit, appeal or other proceedings may be continued, prosecuted and enforced by or against the Company or the subsidiary, as the case may be.

Effective date: 1984-01-01

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