Compattip
of net annað profilu.
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(2) If the arbitrators are of opinion and find accordingly That the gross annual revenue of the company is 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 Government shall propose amendment of charges in manner provided by section ag in accordance with ! such finding.
33. (1) For the purposes of the two last preceding sections the net annual profits of the company shall be the gross annual revenue of the company, including the revenue in respect of radio telephone services, less the moneys appropriated for the following purposes, namely-
(a) interest on moneys borrowed by the company including
interest on debentures ;
(b) the royalty payable yearly to the Accountant General
in accordance with section 7:
(c) working costs;
(d) reasonable management expenses; (e) superannuation and provident funds;
maintenance and removal of works, apparatus and other property of the company;
(g) depreciation of buildings, plant and other property of the company, including investments and other assets of whatever nature.
(2) The amount to be written off or provided annually for depreciation shall be-
(e) in the case of land and buildings, a sum or sums 19 be fixed by an architect approved by the Director and the company;
(b) in the case of plant and equipment other than buildings, a sum not exceeding ten per cent of the cost of such plant and equipment until such cost value has beco written off;
(c) in the case of investments, a sum not exceeding the amount by which the book value of such investments, exceeds their current market value at the date of making up the accounts: Provided that in the event of such investments being sold or otherwise disposed of for a sum whether received in cash or otherwise, in excess of the book value thereof, such excess shall be included in the gross annual revenue of the company for the purposes of subsection (1) of this section.
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(3) Notwithstanding that in any year or other accounting period no allowance or a less allowance than that authorized in subsection (2) of this section shall have been made for deprecia- tion, it shall not be lawful for the company to make in any succeeding year or accounting period any greater allowance for those purposes.
(4) The cost of making provision for the maintenance of an efficient service will not include any suns expended on works where such expenditure is in the nature of capital outlay.
Provision for
* service for
ул.
34. The company shall provide the Government free of charge with telephone service for Government purposes up to Government 500 direct exchange lines. Any telephones or connexions in excess of 500 lines will be paid for by Government in accord- ance with the charges specified in the Schedule less a discount of twenty-five per cent. When so required by Government the company shall provide Government with a free private automatic branch exchange for Government purposes capable of expansion up to 500 lines and arrange for such exchange to be constructed in the central offices of the Government. Any telephones in excess of 500 lines on such exchange or any connexions made to any of the public exchanges will be paid for by Government in accordance with the charges specified in the Schedule less a discount of twenty-five per cant.
to kamp
had allow of mequals.
mpsc Go
35. (1) The company shall keep true and particular accounts Co. of and concerning all matters connected with the concession and shall, on the first day of March in every year deliver to the Accountant General a statement in writing showing the number of subscribers connected with each exchange and the number of persons who have requested to be supplied with lines during the company's proceding financial year and also the names and aldresses of all persons who have requested to be supplied with lines during the second six months thereof and with whose request the company has not complied. The company shall permit the Accountant General to inspect and take copies of or extracts from the books of account, receipts, papers and docu- ments in the possession or under the control of the company and relating wholly or in part to the subject matter of this Ordinance.
(2) The company shall cause all its books of account to be kept in Hong Kong at its registered office.
(3) 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,
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