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As soon as the Railway approaches completion a joint Board of Management shall be formed composed of six members appointed as provided below, including a General Manager to be selected by Agreement between the two contracting Governments.
Each Governant shall appoint two members and so long as thereare outstanding any of the Bonds or Net Profit Certificates of the Chinese Government which are proposed to be issued as hereinbefore mentioned, the Corporation shall have power to agree on behalf of the Chinese Government with the Hongkong Government as to the selection of the General Manager and also to have on the Board of management one of its nominees as a member.
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On the redemption of all the aforesaid Bonds and Net Profit Certificates the Corporation shall cease to have the right to appoint a member of the Board and the number thereof shall thenceforward be reduced to five.
Three members of the Board shall be a quorum and each Government and the Corporation may appoint temporary substitutes during the absence of the members appointed by them. The decision of the majority shall be final on all matters within the competence of the Board and not contrary to this Agreement.