18
CAP. 203]
Cross-Harbour Tunnel
[1984 Ed.
Liability of Company and amount payable by Government on winding up or cessation of grant.
Cap. 341)
Reimbursement of Company
upon expiration of grant.
(Cap. 1120
Government not liable for Company's debts.
(b) subject to section 54, on the expiration of the period of the grant.
53. (1) On the happening of any of the events specified in section 52(a), the Company shall thereupon become liable, in addition to the payment of all other sums due to the Government, to pay
(a) any amount outstanding in respect of expenses incurred by the Government in accordance with section 13:
(b) the full amount of royalty due in accordance with section 14:
(c) if such event occurs prior to the completion of the construction works, any amount in respect of expenses as may be incurred by the Government--
(i) in the restoration of the sea bed and works area in accordance with section 29(1)(a) and (b); and
(ii) in putting the construction works in a safe condition in all respects to the satisfaction of the Director.
(2) On the happening of any of the events specified in section 52(a)--
(a) the Government shall pay to the Company in respect of the assets of the Company such amount as may be agreed between the Government and the Company or in default of such agreement such amount as may be determined by arbitration under the Arbitration Ordinance;
(b) there shall be deducted from any amount awarded to the Company by arbitration under paragraph (a) such amount as the Governor in Council may deem appropriate by way of a penalty:
(c) no amount shall be payable to the Company under this subsection in the event of a contravention by the Company of section 28.
54. No compensation shall be payable by the Government to the Company on the expiration of the period of grant, save that the Government shall pay to the Company the depreciated value of any machinery, equipment or plant forming part of the assets (such value being calculated in accordance with Part VI of the Inland Revenue Ordinance) purchased by the Company with the agreement of the Financial Secretary within the 5 years next preceding the expiration of the period of grant and owned by the Company on such expiration.
55. Any vesting of the assets of the Company in the Government under this Part shall not thereby render the Government liable for any debts of the Company.