6
the Government and the Company but shall be fully paid by the Company to the Government at least öve years prior to the expiration of the period of grant.
(2) Payment of such royalty or reduced royalty, as the case may be, shall be made in respect of the operating receipts in each quarter on or before the last day of the month next following that quarter.
(3) If on the last day of any such month the Company has not been able to ascertain the operating receipts for the previous quarter the Company shall pay to the Government a sum equiva- lent to twelve and one-half per cent of the operating receipts for the next preceding quarter in respect of which operating receipts were ascertained by the Company; and in such cases subsequent royalty payments shall be adjusted to take into account any such equivalent sum paid so that the aggregate of payments shall represent as nearly as possible the amount currently duc as royalty or reduced royalty paymentS 7
Provided that this subsection shall not take effect until such time as the Company has paid to the Government the royalty or reduced royalty due in respect of the operating receipts for one complete quarter during which the tunnel is open to the use of the public.
(4) The acceptance by the Government of any sum tendered by the Company in accordance with the provisions of this section shall not prevent the Government from claiming any further sum in respect of the same quarter or any adjustment appearing to be due or necessary on any subsequent examination of the books and accounts and other material furnished by the Company for inspec- tion under section 15.
(5) The payment by the Company of any sum in accordance with the provisions of this section shall not prevent the Company from claiming a refund in respect of any overpayment made by the Company and proved to the satisfaction of the Financial Secretary,
(6) In this section-
"operating receipts" means-
(a) the total gross sums received by the Company in respect
of-
(i) the tolls as fixed or varied under section 40 or 41, as the case may be;
(ii) any charges imposed or other benefits obtained by the Company under sections 45 and 46; and
(ii) any other authorized charges imposed by the Company under this Ordinance,
but does not include-
(A) bank interest or dividends on investments.
(B) the proceeds of the sale or redemption of invest- ments, or
(C) other capital assets, and
(b) the gross value, as determined by the Financial Secretary, of any assets, services or facilities received by the Com- pany in lieu of any part of such total gross sums; "quarter" means the three months commencing on the first day of January, the first day of April, the first day of July, or the first day of October in any year.
15. For the purpose of ascertaining the royalty or reduced royalty payable in accordance with section 14, the Company shall permit the Financial Secretary, and any person authorized in writ- ing by him, to inspect at all reasonable times all books of account, vouchers, receipts and all other records of the Company (including all records maintained by the Company in accordance with section 59) and to make extracts from any such documents and to take away any such documents for further examination.
PART III
CONSTRUCTION OF THE TUNNEL.
Obligation to construct and start of construction of the tunnel.
16. Subject to this Ordinance, the Company shall at its expense construct the tunnel in the tunnel area.
17. (1) The Company shall not commence any works in the tunnel area or the works area before a date to be agreed between the Director and the Company.
(2) The Director shail cause a notice to be published in the Gazerre specifying the start of construction.
Powers of Financial Secretary in relation to royalty,
Tunnel to be constructed at Company's expense.
Start of construction.