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No. 9.1
Revision of rates.
TELEPHONE.
[A.D. 1925.
(3) The rate of dividend shall not be increased by the payment of any bonus or by any other colourable means of increasing the dividend, not shall any other shares or class of shares bearing or capable of bearing a higher rate of interest be substituted. (4) Any dispute which may arise under section 35 or under this section as to the amount of the net profits of the Company or as to their disposal or division or as to their proper application for the reduction of rates payable by subscribers shall he referred to arbitration under the provisions of section 49.
37. It shall be lawful for either the Government or the Company from time to time to require from the other of them the revision of the rates of subscription set forth in the Schedule or for the time being in force, provided that after the first revision of rates there shall be a minimum interval of two years between every subsequent revision of rates. Three month's previous notice in writing of such requirement shall be given by the party requiring revision to the other party, and therenpon, and in default of agree- ment between such parties with regard to such revision, the matter shall be referred to arbitration in accordance with the provisions of section 49. Either of such parties shall be entitled to place before the arbitrators any evidence which such party shall think fit relative to the Bubject of such application, and the arbitrators shall be entitled to require the Company to produce such looks as may be necessary and to require an investigation of and be made and report upon the Company's affairs to prepared, at the cost of such party as may be decided by the arbitrators, by such independent auditor as the arbi- trators may think fit.
If the arbitrators are of opinion that the then exist- ing charges for subscriptions are insufficient to make provision for the maintenance of an efficient service and for the payment for the time being of a dividend of eight per cent per annum on the paid-up capital for the time being of the Company, the arbitrators shall require and the Government shall permit such charges to be increased to such sum as the arbitrators may consider adequate to provide for such service and dividend as aforesaid,
If, however, the arbitrators are of the opinion that the then existing charges exceed the amount required to pro- vide for the time being for such service and a maximun
A.D. 1925.)
TELEPHONE.
[No. 9.
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dividend of fifteen per cent per annum on the paid-up capital for the time being of the Company, they shall require the Company to reduce such charges to such sum as the arbitrators shall consider adequate for the provision of such service and payment of such dividend as afore- said, and the Company shall forth with reduce such charges accordingly.
33. All lines, branch lines and extensions required by Lines, etc., the Government to be supplied by the Company to the for Govern- Government shall be paid for in accordance with the rates ment service of subscription specified in the Schedule or such revised to be paid
for at usual rates as are provided for in section 37.
rates of subscription.
accounts,
39.-(a) The Company shall keep true and particular Company accounts of and concerning all matters connected with to keep and the concession and will on the first day of July, in allow every year, deliver to the Treasurer a statement in writing inspection of showing the number of subscribers connected with each exchange and the number of persons who have requested to be supplied with lines during the preceding twelve months, and also the names and addresses of all persons who have requested to be supplied with lines during the preceding six months and with whose request the Company has not complied. The Company shall permit the Trea- surer to inspect and take copies of or extracts from the books of account, receipts, papers and documents in the possession or under the control of the Company and relating wholly or in part to the subject matter of this Ordinance. The Company shall cause all its books to be keept in Hongkong at its registered office.
(b) The annual statement of accounts of the undertaking shall be examined and audited by such person or persons as the Governor in Council may approve in this behalf.
40. The Company shall at all times during the con- Company tinuance of the concession, permit the Director or his agent
to permit authorised in writing in that behalf to enter the premises inspection
of works. of the Company at all reasonable times and to inspect and take account of all plant, fittings, apparatus or other material thereon, and shall, upon written demand, furnish to the Director all such particulars, information and accounts relative to the conduct of the Company's business and such other evidence as he may require of the due performance by the Company of ite obligations under this Ordinance.
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