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8
pr in respect of any specified route he may specify, until the Governor in Council declares that the eftergency no longer exists.
(2) Where under subsection (1) a franchise is suspended altogether. or in respect of any specified route-
(a) the Government may take possession of any property of the grantee used or kept by it for the purposes of or in connexion with its franchise; and
(b) any such property so taken possession of may be used by the Government, or its nominee, in the operation of such ominibus service as the Commissioner thinks fit.
(3) A grantee shall be entitled to compensation Ine the use of any of its property of which possession has heen taken under subsection (2) and for any loss or damage sustained in consequence of any suspension of its franchise under subsection (1).
24. (1) If
(a)
it appears to the Governor in Council that without good cause a grantee has failed, or is likely to fail, to maintain a proper and efficient public omnibus service, either generally or in respect of any specified route, in accordance with section 12; or
(6) a grantee has failed to pay any financial penalty imposed under
section 22.
the Governor in Council may direct the Commissioner to serve on the grantee a notice requiring the grantee to show cause in writing, within 28 days after the service of such notice-
() why its right to operate a public omnibus service on such specified Toules as are set out in such notice should not be revoked; or () why its franchise should not be revoked altogether, and any such notice shall specify the ground on which such right or the franchise may be revoked.
(2) If, after the service of a notice under subsection (IX)--
(a) the grantee does not show cause why its right to operate a public omnibus service on the specified routes set out therein should not be revoked; or
(8) the Governor in Council, having considered any representetion made by the grantee, is of the opinion that the grantee has not shown good cause why such right should not be revoked, the Governor in Conncit may, with effect from such date as he may specify, revoke such right.
(3) If, after the service of a notice under subsection (1)i- (n) the grantee does not show cause why the franchise should not be
revoked altogether; or
(b) the Governor in Council, having considered any representation. made by the grantee, is of the opinion that the grantee has not shown good cause why the franchise should not be revoked altogether,
the Governor in Council may, with effect from such date as he may specify, revoke the franchise.
(4) Notice of the revocation of a right or franchise under this section shall be served on the grantee and, as soon as practicable thereafter, shall be published in the Gazette.
(5) A grantee shall not be entitled to compensation in respect of the revocation of a right or franchise under this section and where a franchise is revoked altogether the grantee shall be liable to pay to the Government any expense incurred by the Government in connexión with the franchise or the revocation thereof.
25. (1) Where a franchise is revoked under section 24(3) the Govern- Temporary ment may take possession of any property of the company used or kept retention by by it for the purposes of or in connexion with its revoked franchise.
(2) Any property of which possession is taken under subsection (1) may be retained by the Government for such period, not exceeding one year, as the Governor in Council may direct and may be used by the Government, or its nomince, in the operation of such omnibus service as the Commissioner thinks fit.
(3) Where possession is taken under subsection (1) of any of the property of a company, the company shall, notwithstanding section 2405). be entitled to compensation for the usc hy the Government, or its nomince, of any of the property of which possession has been taken.
PART V
Profit CONTROL SCHEME
26. In this Part, unless the context otherwise requires- "accounting year" means the accounding year adopted by a grantee for drawing up its annual profit and loss accounts and balance sheet; "average net fixed assets" for any accounting year means the average of the opening and closing balances for that accounting year, as shown by the records of a grantes, of is net fixed assets; "Development Fund" means the Development Fund referred to in section
2700)
"fixed assets" means the stocks of capital items of stores and spares, investments in land, buildings, omnibuses and other moter vehicles, plant, machinery and equipment, furniture, fixtures and fittings and other fixed assets (including assets in the course of construction. goods in transit and payments on account) used or kept by a grantee for the purposes of or in conaction with Ila franchise:
"net fixed assets" means the fixed assets of a grantee after any deprecia-
tion under section 30;
"operating receipts" means—
(a) the total gross sums received by a grantee by way of-
to the fares charged by the grantee for the carriage of passen- gers, baggage and goods on public omnibuses;
(ii) any charges imposed or other benefits obtained by the grantee under this Ordinance or its franchise; and
(i) any other revenue, including revenue from advertisements, derived from the use of fixed asseli,
but does not include interest or dividends on deposits or invest- ments and the proceeds of the sale or redemption of investments or fixed or other assets; and
(b) the gross value, as determined by the Financial Secretary, of any fixed assels, services or facilities received by a grantee in lieu of any part of such total gross sums:
Governmen
of compludy
home franchise has beco
renied.
InterpretplichtL