1951-HKRS28-8-18_Part03 — Page 43

of

Insolvency

Company.

Non- payment af pier rent

or royalty.

Repair of piers.

8

(3) Any net loss incurred by or on behalf of the Government in consequence of the making of any such arrangement as is contemplated in sub-paragraph (a) shall be recoverable by the Government from the Company.

(4) The fact that any such arrangement as is contemplated in sub-paragraph (2) has been made shall not prevent the run- ning of the period of fourteen days referred to in sub-paragraph (1).

(3) This paragraph shall not apply to any discontinuance which in the opinion of the Governor in Council is due to circum- stances beyond the control of the Company, but the want of sufficient funds shall not for the purpose of this paragraph be deemed to be a circumstance beyond the control of the Company,

9. If it appears to the Governor in Council that the Com- pany is insolvent so that it is unable to maintain the ferry service or any part thereof or to operate the same with advantage to the public, the Governor in Council may inquire into the financial affairs of the Company, and if satisfied that the Company is so insolvent as aforesaid may by order declare that the concession shail at the expiration of three months from the making of the order be at an end and the concession shall cease and determine at the expiration of the said period.

10. If the Governor in Council be satisfied that the Company has without just cause or excuse failed to pay pier rent or royalty when due, it shall be lawful for the Governor in Council by order to be served on the Company and published in the Gazelle to direct that the concession at the expiration of three months from the making of the order be at an end and the concession shall cease and determine at the expiration of the said period.

11. The Company shall at its own expense maintain and keep in repair the piers and carry out any alterations which may be required by the Company and approved by the Director of Public Works from time to time: Provided that the Company shall not be responsible for the cost of repairs due to Act of God, Civil Commotion, War or latent defects, but the onus of proving the cause and the extent of the damage shall rest upon the Com-

pany.

12. Except as may be permitted by the Governor in Council, Use of the Company shall not use the piers for any purpose other than piers, The requirements of the ferry service.

piera.

13. Subject to the provisions of the Advertisements Adverti- Regulation Ordinance, the Company may use the piers for sing on advertising purposes i Provided that eighty per cent of the (Cap, 52). revenue derived by the Company from such purposes shall be paid to Government.

14. The Company shall not assign or transfer the concession Not to or any powers rights or privileges granted thereunder without the assign, permission of the Governor in Council.

Accountant

15. To enable the Accountant General to satisfy himself Facilities as to the correctness of the amount of each royally payment the for Company shall with each payment furnish to the Accountant General, General complete monthly traffic accounts duly certified and audited and give the Accountant General all reasonable facilities for inspection of the Company's records and complete statements showing the computation of the royalty due to the Government as may be required by the Accountant Generat,

10. (1) The Company has represented that the Company is British and will continue to be a public Company; that the Company's interest. shares are and will continue to be freely transferable without interference from the directorate; that the majority of the directorate are and will continue to be British subjects; that the management and the administrative staff or an effective majority thereof to the satisfaction of the Governor in Council, are and will be British subjects; that the control is and will be within the Colony and essentially British; that all the books and accounts of the Company will be kept in the English language; that al all times and in all circumstances (including any and every emergency) the Government may be assured that the ferry service will be duly and loyally maintained; and that the situation as above will continue and be observed with the utmost good faith during the subsistence of the concession. Such representation shall be the basis upon which the Company may maintain the ferry service and if at any time the Governor in Council be satisfied that any such representation as aforesaid has failed then the Governor in Council may terminate the concession, in which event the ferry service shall be deemed to have been discontinued and the provisions of sub-paragraphs (2) and (3) of pumgraph & shall apply.