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(3) The Legislative Council may, by
resolution, amend the rate of royalty
specified in subsection (1), or amend
that rate for any accounting year of a
licensee; and any resolution under this
section may have retrospective effect to
the commencement of the accounting year
of the licensee in which the resolution
is passed.
(Cap. 341.)
(4) If a licensee disputes any
determination of the Financial Secretary
under subsection (1) the matter shall
be determined under the Arbitration
Ordinance.
Quarterly payments of
royalty.
41A. (1) A licensee shall make
quarterly payments to the Accountant
General on account of the royalty payable
by the licensee under section 41 and
accruing during each accounting year
of the licensee.
(2) The amount of each payment
referred to in subsection (1) shall be
a sum equal to one quarter of 25 per cent
of the estimated net profit of the licensee
calculated in accordance with section 41
or such sum as the Financial Secretary
may determine.