542
THE HONGKONG GOVERNMENT GAZETTE, 14тn JUNE, 1884.
Power to demise.
Power to mortgage.
Duration of Ordinance.
Cessation of Powera.
such terms and conditions in all respects as the said. Francis BULKELEY JOHNSON his excentors, administrators or assigns shall think fit, with power at any such sale to fix a reserve price for, or buy in the same, and when any such sale, assignment, or absolute disposal has been made, all the rights, powers, authorities obligations and liabilities of the said FRANCIS BULKELET Jouxsox his executors, adminis- trators or assigns in respect to the undertaking or part or parts thereof sold, assigned or absolutely disposed of, shall be transferred to, vested in, and may be exercised by, and shall attach to the person or persons, Corporation, or Com- pany to whom the same has been sold, assigned or absolutely disposed of, in like manner as if the undertaking or part or parts thereof, sold, assigned or absolutely disposed of, was or were constructed by such person or persons, Corporation, or Company under the powers conferred upon him or them by this Ordinance, and în reference to the same he or they shall be deemed to be the said FRANCIS BULKELEY JOHNSON his executors, administrators or assigns.
18. Subject to the approval of the Governor in Council being first obtained (but not otherwise), the said FRANCIS BULKELEY JOHNson his execntors, administrators or assigns may, at any time and from time to time demise their under- takings or any part or parts thereof, to such person, Cor- poration, or Company, for such terra or terms of years, or from year to year, or for any less period, and for such rent or rents, and upon such terms and conditions in all respects, as the said FRANCIS BULKELEY JOHNSON his executors, administrators or assigns shall think fit to adopt, to take effect either in possession or reversion, and either with or without a premium, or premiums, as a consideration or considerations for such demise or demises.
17. It shall be lawful for the said FRANCIS BULKELEY JOHNSON his executors, administrators or assigns, from time to time, and at any time to borrow money on mortgage of all or any part of his undertaking, and for that purpose to assign or demise by way of mortgage, all or any portion of the said wharves and piers to any person or persons, Corporation, or Company, and to enter into all such cove- nants, provisoes, declarations and agreements as the said FRANCIS BULKELEY JOHNSON his executors, administrators or assigns shall think fit and proper.
18. The rights, powers, and privileges granted by this Ordinance to the said FRANCIS BULKELEY JOHNSON, his executors, administrators and assigns, shall continue in force for twenty years to be computed from the date of the Proclamation thereof. Provided always that the Governor in Council may, from time to time, so often as the Governor in Council shall think it expedient, by order, to be published in the Gazette, declare that the duration of such rights, powers, and privileges shall be extended for any further term or terms not exceeding ten years at a time, and there- upon such rights, powers, and privileges shall continue in force for such extended period.
19. Upon the cessation of the rights, powers, and privi- leges granted by this Ordinance, it shall be at the option of the Governor in Council to purchase the wharves and piers and works by this Ordinance authorised from the said FRANCIS BULKELEY Jonsson, his executors, administrators, or assigns for a price which shall be exclusive of any allowance for past or future profits of the undertaking, or any com- pensation for compulsory sale, to be determined in case of difference by two arbitrators to be nominated one by the Governor in Council, and the other by the said FRANCIS BULKELEY JOHNSON, his executors, administrators, or assigns; and in ease the said arbitrators cannot agree, by an umpire to be agreed upon between them. If the Governor in Council does not exercise the option to buy within one month of such cessation as aforesaid, the said FRANCIS BULKELEY JOHNSON, his executors, administrators, and assigns shall, at their own expense, remove the said wharves and piers aud works, and restore the site thereof to its former condition, and in the event of their failure to do so within one year of the date of such cessation, it shall be lawful for the Governor in Council to abate and remove the same, and restore the site thereof to its former condi- tion at the cost of the said FRANCIS BULKELEY JOHNSON, his executors, administrators, or assigns, and the amount of such cost shall be a debt due to the Government, and reco- verable against the said FRANCIS BULKELEY JOHNson, his executors, administrators, or assigns accordingly.