30
period of 50 consecutive years from the date of
such expenditure or, if later, the date from which
the undertaking is recognized for the purposes of
Sub-Section (3) (i), a sum calculated at the rate
of 4 per centum on such capital expenditure incurred
prior to 1915, at the rate of 5 per centum in
respect of such expenditure incurred during the
period 1915 to 1932, both years inclusive, and at the
rate of 4 per centum in respect of such expenditure
which has been or may be incurred from 1933 onwards.
The percentage required for appropriation under
Section 2 shall be struck on the net receipts, if any
of the undertaking after making the said deductions.
Objects and Reasons.
(a)
Sub-paragraph 8, paragraph 4.
-
It appears to the
Council that this paragraph as drafted may give rise to
misunderstanding. They suggest that it might be so
altered as to make it clear that the total of the proposed
Public Works Loan of approximately $28,000,000, in respect
of/
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