J
Amendment
of
Schedule.
Company
books and
tained in the Schedule or of ascertaining whether any and certain
deduction which the Company has made or may be persons dealing seeking to make from profits is reasonable, by writing with the Company
under his hand to call upon the Company and any to produce person (other than a bank) who has entered into any atatements agreement with the Company or to whom it has made any payment to produce to such person and at such time and place as may by any general or particular description he specified in such writing such books and statement of account (including bank statements) as he may by such writing require.
of account.
3. follows--
(2) The Company or any person aggrieved by any exercise of the discretion conferred upon the Financial Secretary may appeal to the Governor in Council whose decision shall be final.
(3) Without prejudice to the right of appeal conferred by subsection (2) it shall be an offence to fail to comply with any requirement lawfully made under subsection (1) or any requirement which may have been confirmed or substituted therefor on appeal under subsection (2): Penalty: a fine of one hundred dollars in respect of each day during which such failure continues.”
The Schedule to the principal Ordinance is amended as
(a) in paragraph :—
(i) by the deletion from the third line thereof of the
words "across the harbour of Hong Kong";
(ii) by the deletion from the fourth line thereof of the words "between the frontages and piers" and the substitution of the following-
"specified in Appendix 1";
(b) in paragraph 2 by the insection immediately after the
word "piers" in the second line thereof of the following-
"specified in paragraph 3";
(c) by the deletion of paragraph 3 and the substitution of
the following paragraph-
3. (1) The Company shall pay as pier rent to the Government for the use of the piers specified in this section the total sum of $45,900 a month
inclusive of rates.
The said rent shall be payable
in advance on the first day of each calendar month and shall be apportioned among the piers as follows-
(4) Jubilee Street Ferry Pier (b) Jordan Road Ferry Pier (c) Mongkok Ferry Pier (d) Shamshuipo Ferry Pier (e) Tonnochy Road Ferry Pier () Wilmer Street Ferry Pier (g) Cheung Chau Ferry Pier
$ 22,000
13.500
2,500
2,500
2,000
“་་་----༞
3+000
400
45,900
(2) If any other pier be substituted for a pier specified in sub-paragraph (1), the amount of rent therefor shall be such sum as may be agreed between Government and the Company regard being had to the capital cost of the said substituted pier (excluding the cost of frontage) and including interest on capital cost at the rate of 4 per cent: Provided that such agreed sum shall not result in the monthly total of rent payable as aforesaid being exceeded."
(d) in paragraph 4 by the deletion of sub-paragraph (3); (e) by the deletion of paragraph 5 and the substitution of
the following paragraph-
((Cap. 112).
**5. (1) The Company shall pay to
to the Government a royalty of twenty-five per cent of the net profit of the Company for each year,
(2) The net profit as aforesaid shall be ascertain- ed in accordance with Part IV of the Inland Revenue Ordinance provided that in making the deductions set forth in section 16 thereof due regard shall be had to the current level of prices and costs, so that any such deduction shall be limited to a sum which in the opinion of the Financial Secretary is reasonable, and so that allowance of any sum by way of depreciation of a capital asset shall be limited to an amount which represents the allowance approved under Part VI of the said Ordinance on what in the opinion of the Financial Secretary is a reasonable price for such asset.
No comments yet.
Private notes are available after approval.