TATE'S CAIRN TUNNEL
Ord. No. 50/88
A249
(3) Where the enforcement of any mortgage or charge to which subsection (1) applies has the effect of transferring the franchise from a person who was the Company, immediately prior to the transfer, to any other person who thereby becomes the Company, the Secretary shall give notice thereof in the Gazette.
(4) A notice under subsection (3) shall specify the name of such other person and the date of the transfer.
PART IV
PROVISIONS RELATING TO THE COMPANY
8. (1) A majority of the directors of the Company shall be persons Directors and who are ordinarily resident in Hong Kong.
(2) The Governor shall have power, notwithstanding any provision of the Companies Ordinance or any other law, the memorandum or articles of the Company or other instrument, to appoint 2 directors to the board of the Company.
(3) On the road operating date the issued and fully paid up share capital of the Company shall be $600,000,000.
9. rate of
paid up share capital of the
Company (Cap. 32)
(1) The Company shall pay to the Government a royalty at the Royalty
(a) 2.5 per cent of the operating receipts for a period of 5 years after
the road operating date; and
(b) thereafter, for the duration of the franchise, 5 per cent of the
operating receipts.
(2) The Company shall pay to the Government a further royalty at the rate of
(a) 15 per cent of the net operating receipts in excess of the projected net operating receipts for a period of 5 years after the road operating date; and
(b) thereafter, for the duration of the franchise, 30 per cent of the net operating receipts in excess of the projected net operating receipts. (3) Payment of such royalty or further royalty, as the case may be, shall be due in respect of each period of—
(a) 6 months or part thereof, in the case of the royalty payable under
subsection (1); and
(b) 12 months or part thereof, in the case of the further royalty
payable under subsection (2),
during which the franchise exists, commencing with the road operating date, and shall be paid within 60 days of the end of each such period.
(4) The acceptance by the Government of any sum tendered by the Company in accordance with this section shall not prevent the Government from claiming a further sum in respect of the same year or any adjustment appearing to be due or necessary on any subsequent examination of the books and accounts and other material furnished by the Company for inspection under section 34.
payments