1986 Ed.]
Public Bus Services
[CAP. 230
19
(iia) any realized currency exchange profits arising after the date of commencement* of the Public Bus Services (Amendment) Ordinance 1986 from transactions in connexion with the franchise of the grantee; (Added, 30 of 1986, s. 2)
(iib) any proceeds of sale of obsolete or used stores and spares which were, when new or before being used, acquired by the grantee for the purposes of or in connexion with its franchise; and (Added, 30 of 1986, s. 2)
(iii) any other revenue, including revenue from advertisements, derived from the use of fixed assets,
but does not include interest or dividends on deposits or investments and the proceeds of the sale or redemption of investments or fixed or other assets; and
(b) the gross value, as determined by the Financial Secretary, of any fixed assets, services or facilities received by a grantee in lieu of any part of such total gross sums; and
(C) "permitted return" means the return allowed to a grantee in an accounting year and which is computed in accordance with section 28(1). (Replaced, 30 of 1986, s. 2)
27. (1) A grantee shall, for the purposes of its franchise, maintain a Reserve to be called the Development Fund the purpose of which, subject to section 28(4) and (5), shall be to assist in the acquisition of fixed assets.
(2) The balance in the Development Fund represents a liability of a grantee and shall not be applied except as provided in this Part or in the franchise of a grantee.
28. (1) The permitted return to a grantee in an accounting year shall be an amount equal to the percentage per annum specified in its franchise of the average net fixed assets of the grantee in that accounting year. (Amended, 30 of 1986, s. 3)
(2) There shall be deducted from the permitted return the amounts specified in section 29.
(3) Where in an accounting year the operating receipts of a grantee exceed the aggregate of
(a) the operating costs of the grantee; (Replaced, 30 of 1986, s. 3)
(b) any profits tax arising from the operating profit of the grantee; and (Replaced, 30 of 1986, s. 3)
(c) any deferred tax (the inclusion of deferred tax in the accounts for that accounting year being at the discretion of the grantee), (Added, 30 of 1986, s. 3)
for that accounting year, the grantee shall deduct the permitted return from such excess or so much thereof as is permitted by such excess, and in the former case any excess remaining thereafter shall be added to the Development Fund.
(30 of 1986.) [*6.6.86.]
Development Fund.
37 of 197853
Permitted return.
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