as a party to the proceedings.
After that date it is only
the franchise of the Company in default which can be
revoked (clause 69). Financiers of the project can appoint
an agent to receive notice of default and they and
shareholders of the companies can make representations to
show why the franchise or franchises should not be revoked.
In addition to revocation the Governor in Council can vest
the franchise rights in a third party (clause 69). Clause
70 provides for the cessation of the franchises and the
vesting of the assets of the Road or Rail Company in the
government in the case of the revocation of its franchise,
on winding up of the company concerned or the commencement
of voluntary winding up otherwise than for the purposes of
an assignment. Where the rights of both companies are
determined prior to the completion of the works, clause 71
requires the Road Company to meet its outstanding
obligations under clause 20 (land resumption) and to pay
for putting the works in a state enabling construction to
Compensation is payable by the Government to the
Road or Rail Company for the assets vesting in it except
where the franchises end by effluxion of time or the
resume.
construction works are not completed are not likely to be