薯
- 2 -
Consideration
Deposit
TERMS AND CONDITIONS
1.
The licensee shall pay to the Director of Accounting Services for and in respect of the licence hereby granted the sum of $100 per year in advance, the first payment thereof to be made within seven days of the granting of this licence and every subsequent payment to be made on the first day of September in each year during the continuance of the licence.
2. (1) The licensee, within one month of the grant of this licence shall pay to the Director of Accounting Services a deposit of HK$50,000 as a guarantee of the due fulfilment of the terms and conditions of the licence.
(2) The deposit of $50,000 shall be repayable by ten annual instalments of $5,000 each out of the royalty payable in accordance with clause 3 hereof:
(i)
(Cap. 106)
(ii)
Royalty
3.
Provided that -
if the royalty in any year shall be less than the said sum of $5,000, the balance remaining unpaid out of such sum shall be repaid in the following years to the intent that the total repayment shall amount to $50,000 but without any interest thereon; and
if in accordance with the provisions of the Telecommunication Ordinance of this licence, the licence shall be revoked for non-compliance with any of the provisions of that Ordinance or on the breach of any of the conditions herein contained or in default of payment of any consideration payable hereunder, any balance of the sum of $50,000 so deposited then remaining upaid, shall be wholly forefeited.
(1) Subject to clause 2 the licensee shall, in addition to the sums payable under clauses 1 and 2, pay to the Director of Accounting Services a royalty of 12 1/2 per cent of the net profit of the licensee for each year.
(2) The net profit as aforesaid shall be ascertained in accordance with Part IV of the Inland Revenue Ordinance: