1652
No. 9 of 1925.
TELEPHONE.
Revision of rates.
Schedule.
after provided for, and any further profits in excess of the said further six per cent. per annum shall be applied by the company solely for the reduction of the rates payable by subscribers, so that the maximum dividend payable to the shareholders shall in no circumstances whatever exceed fifteen per cent. per annum upon such paid-up capital as aforesaid;
(c) the rate of dividend shall not be increased by the payment of any bonus or by any other colourable means of increasing the dividend, nor shall any other shares or class of shares bearing or capable of bearing a higher rate of interest be substituted;
(d) any dispute which may arise under section 38 or under this section as to the amount of the net profits of the company, or as to their disposal or division or as to their proper application for the reduction of rates payable by subscribers shall be referred to arbitration under the provisions of section 52.
..
40. It shall be lawful for either the Government or the company from time to time to require from the other of them the revision of the rates of subscription and other charges set forth in the Schedule or for the time being in force: Provided that there shall be a minimum interval of two years between every revision of rates. Three months' previous notice in writing of such requirement shall be given by the party requiring revision to the other party and thereupon, and in default of agreement between the parties with regard to such revision, the matter shall be referred to arbitration in accordance with the provisions of section 52. Either of the parties shall be entitled to place before the arbitrators any evidence which such party thinks fit relative to the subject of such application, and the arbitrators shall be entitled to require the company to produce such books as may be necessary and to require an investigation of and report upon the company's affairs to be made and prepared, at the cost of such party as may be decided by the arbitrators, by such independent auditor as the arbitrators may think fit.
If the arbitrators are of opinion that the then existing charges for subscriptions are insufficient to make provision for the maintenance of an efficient service and for the payment for the time being of a dividend of eight per cent. per annum on
* As amended by No. 9 of 1930 [15.8.30] and Law Rev. Ord., 1939, Supp. Sched,
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