1953-HKRS28-8-20_Part04 — Page 7

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(3) The Financial Secretary and any person authorized by him in writing shall for the purpose of ascertaining the net profit be an authorized re- presentative of the Company for the purposes of section 4 of the Inland Revenus Ordinance to the intent that the Commissioner of Inland Revenue and any assessor or person appointed to carry out duties under the said Ordinance shall, on demand by the Financial Secretary, disclose all such matters relating to the affairs of the Company as the Financial Secretary or such authorized person may require, and such disclosure shall not be deemed to be a breach of the duties imposed upon the person making it by the said section.

(4) In the event of the Company failing to agree with the assessment of net profit made by the Financial Secretary, an appeal shall lie to the Governor in Council, whose decision shall be final.

(5) As from the 1st January,

1954, the Company shall make monthly payments on account of the royalty accruing during each current account- ing year of the Company and the amount of each such payment shall be a summ equal to one twelfth of twenty-five per cent of the estimated net profit for the current year or such sum as the Financial Secretary may determine. As soon as the net profit for the current year has been ascertained a final adjustment shall be made and Government shall refund any sum paid on account in excess of the royalty due for that year or if the amounts paid on account by the Company are less than the royalty due, the Company shall pay Government the balance thereof,””;

in paragraph 1-

(i) by the insertion after the word "piers" in the second

line thereof of the following-

"specified in paragraph 3";

(ii) by the deletion of the colon in the eighth line thereof

and the substitution of a full-stop;

(iii) by the deletion of the second proviso;

(g) in paragraph 13-

(i) by the deletion from the second line of "igiz,”;

(ii) by the deletion of the colon in the third line thereof

and the substitution of a full-stop;

(ii) by the deletion of the proviso;

(iv) by the deletion from the marginal note of "Ordinance No. 19 of 1912" and the substitution of the following-

"(Cap. 52)"}

(h) by the deletion of paragraph 15:

() in paragraph 16–

(i) by the insertion after the word "represented" in the

first line of sub-paragraph (1) of the following→

"that the Company is and will continue to be a public company;";

(ii) by the insertion after the word "British;" in the

sixth line of sub-paragraph (1) of the following-

"that all the books and accounts of the be kept in the English

Company will language ;";

(ii) by the deletion of the full-stop at the end of sub- paragraph (1) and the substitution of a comma and the addition of the following-

"in which event the ferry services shall be deemed to have been discontinued and the provisions of sub-paragraphs (2) and (3) of paragraph 8 shall apply.";

() by the deletion of paragraph 17 and the substitution of

the following paragraph-

"17. (1) The Governor in Council may, on giving ten months' notice, expiring at the expiration of the concession, such notification to be published in the Gazette, require the Company to sell, and thereupon the Company shall sell, to the Govern- ment its undertaking for and in consideration of the then value of the same without any addition in respect of goodwill, compulsory purchase, expecta tion or possibility of renewal, or of any profits which might have been made from the undertaking.

(2) The power of compulsory purchase given by sub-paragraph (1) shall apply also to any event upon which under the provisions of this Schedule the ferry services have been discontinued or must be deemed to have been discontinued save that in such case no period of notice shall be required and

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