CAP. 104]
Ferries.
Insolvency of the licensee.
56. If it appears to the Governor in Council that the licensee is insolvent so that he is unable to maintain his ferry or any part thereof or to work the same with advantage to the public, the Governor in Council may inquire into the financial affairs of the licensee, and if satisfied that the licensee is so insolvent as aforesaid, may by order declare that the powers and privileges of the licensee shall at the expiration of three months from the making of the order be at an end, and the powers and privileges of the licensee shall cease and determine at the expiration of the said period.
Purchase of ferries.
57. The Governor in Council may, at the expiration of the term of the licence or on the determination of the powers and privileges of the licensee under the foregoing regulations or at any time during the subsistence of the licence on giving six months' notice in the Gazette require the licensee to sell, and thereupon the licensee shall sell, to the Government his undertaking and all ferry vessels, materials, plant and equipment suitable to and used by the licensee for the undertaking for and in consideration of the then value of the same without any addition in respect of goodwill, compulsory purchase, expectation or possibility of renewal, or of any profits which might have been made from the undertaking: Provided that if such notice is given during the subsistence of the licence, the amount payable for the ferry vessels, materials, plant and equipment shall be not less than the original value of the same when acquired by the licensee less an allowance in respect of reasonable wear and tear. In case of difference the value shall be determined by arbitration.
Arbitration.
58. Every arbitration under these regulations shall be heard and determined by a board of arbitrators which shall in each case consist of three members and be constituted in manner following-
(a) the chairman of the board shall be such judge as the judges may mutually arrange;
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