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of royalty is 2.5 per cent of operating receipts for the first five years and 5 per cent thereafter.
In addition,
the Company shall pay a further royalty if the net
operating receipt exceeds the amount projected.
Government will have the right to appoint two directors to the board of the Company. Parts VI and VII provide for the remedy of defects by the Company and its obligation to keep the tunnel in a state of repair to the satisfaction of the Director of Highways. They also empower the
Governor in Council to make regulations governing the safe
and efficient operation of the tunnel, and to take over
the tunnel in the interest of public security. They also provide the Commissioner for Transport powers to inspect
the tunnel and for byflaws to be drawn up and applied in the tunnel area, subject to approval by this Council. Part VIII deals with tolls. The initial tolls, ranging from $4 for private cars to $8 for heavy goods vehicles,
As I said before, this can are specified in the Schedule.
only be varied with the agreement of the Governor in Council, failing which both Government and the Company may seek arbitration. Part X contains an important provision for the revocation of the franchise if the Company is in default. It lays down, in detail, the circumstances under
which the Company will be regarded as being in default as well as the procedures which have to be gone through before the Company's franchise could be revoked.
Revocation will be the ultimate sanction against the
Company if it fails to fulfil its primary obligations.