Effect of winding up of
Company or
cessation of
grant.
Liability of
Company and
amount
payable by Government
on winding up or cessation
of graal,
16
and requiring the Company to show cause in writing to the Governor in Council, within twenty-eight days after the date of such service, why the grant should not be revoked.
(2) If the Company fails, within twenty-eight days after such service, to show sufficient cause why the grant should not be re- voked, or if the Governor in Council, after considering any repre- sentations made by the Company, or by any other person having a financial interest in the Company, is of the opinion that the Company, or such other person, has not shown sufficient cause why the grant should not be revoked, the Governor in Council may by order revoke the grant and such revocation shall take effect from the date specified in the order.
(3) An order made under subsection (2) shall be served on the Company and, as soon as is practicable thereafter, shall be published in the Gazette.
52. All rights and obligations of the Company under this Ordinance shall determine and the assets of the Company shall vest in the Government—
(a) subject to section 53, on—
(i) the commencement of any voluntary winding up of the Company, otherwise than for the purposes of an assignment in accordance with section 5;
(ii) the making of a winding up order in respect of the Company:
(iii) the revocation of the grant under section 51: (b) subject to section 54, on the expiration of the period of
the grant.
63. (1) On the happening of any of the events specified in paragraph (a) of section 52. 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;
(6) the full amount of royalty due in accordance with section
14:
(c) if such event occurs prior to the completion of the con- struction works, any amount in respect of expenses as may be incurred by the Government-
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(i) in the restoration of the sea bed and works area in accordance with paragraphs (a) and (5) of section 29; and
17
(i) in putting the construction works in a safe condi- tion in all respects to the satisfaction of the Director. (2) On the happening of any of the events specified in para- graph (a) of section 52-
(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 (4) 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 agree- ment of the Financial Secretary within the five 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 Govern- ment under this Part shall not thereby render the Government liable for any debts of the Company,
56. In this Part, "assets" means the tunnel structure and all buildings, machinery, equipment and plant ancillary to the con- struction, operation and maintenance of the tunnel.
PART VII.
APPEALS.
57. (1) If any one thousand or more persons, being either rate-payers or owners of motor vehicles registered under the Road Traffic Ordinance, and resident in the Colony, are of opinion that the Company has failed and is failing to provide or maintain adequate, efficient or safe facilities for the passage of motor vehicles through the tunnel such persons may appeal collectively by petition to the Governor in Council.
(CID. 141.)
Reimburse- ment of Company
upon expira- tion of grant.
(Cap. (12)
Government not liable for Company's debts.
Meaning of "assets".
Appeal by rate- payers and vehicle owners regarding the tunnel facilities. (Cxp. 220.)