25 Jul 1989
FIRST PACIFIC BANK LTD. v. ROBERT H.P. FUNG
- Citation
- FIRST PACIFIC BANK LTD. v. ROBERT H.P. FUNG
- Court
- Court of Appeal
- Case number
- CACV37/1989
By majority the Court of Appeal held that s.129 of the Banking Ordinance Cap.155, as amended by s.27 of the 1987 Amendment, applied so as to render enforceable principal debts despite contraventions of s.23(1) of the repealed Banking Ordinance 1964 and that, absent any prohibition, guarantees securing such debts are also enforceable; the 1987 amendment was properly read (or treated as intended) to have retrospective effect to the commencement of the 1986 Ordinance for the purposes of these proceedings; accordingly answers to the preliminary questions were: (i) yes, (ii) no, (iii) yes.