2. Clause 2 contains definitions including one of
the "railway works" which describes these.
3. Part II grants a franchise to the Road Company
to construct the immersed tube and all the other works in
the project apart from the railway works and to maintain
and operate these for a period of 30 years from the start
of construction. It also grants the Rail Company (which
is, initially, the Road Company) similar rights in respect
of the railway works. These are granted for 18 years and 6
months from the rail operating date.
4. Part III deals with assignments, transfers and
mortgages.
Clause 7 permits the New Hong Kong Tunnel
Company Limited to assign its franchise rights in the
railway to the Eastern Harbour Crossing Company Limited.
Clause 8 deals with the transfer of the rail operating
rights from the Rail Company to the Mass Transit Railway
Clauses 9 and 10 prohibit the assignment or
Corporation.
other disposal of the franchise rights except with the
prior consent of the Governor in Council. The Governor in
Council, however, need not authorize the hypothecation of
the franchise rights by way of security, but the security
cannot be enforced without his consent.