1955-HKRS30-8-45_Part01 — Page 58

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HONG KONG AND YAUMATI FERRY COMPANY

(SERVICES) ORDINANCE, 1951.

(Ordinance 11 of 1951).

Resolution made and passed by the Legislative Council under section 5 of the Hong Kong and Yaumati Ferry Company (Services) Ordinance, 1951, on the 13th day of April, 1955.

WHEREAS

(1) Section 4 of the Hong Kong and Yaumati Ferry Company (Services) Ordinance, 1951 (hereinafter referred to as "the Ordinance") provides that the ferry services authorized by the Ordinance shalt be maintained and operated upon the terms and conditions specified in the Schedule thereto;

(ii) Section 5 of the Ordinance provides that the Schedule thereto may be varied at any time, with consent of the Company, by Resolution of Legislative Council;

(iii) Paragraph 5 of the Schedule to the Ordinance makes provision for the Company to pay to the Govern- ment a royalty of twenty-five per cent of the net profit of the Company for each year;

(iv) It has always been intended that no deduction for royalty should be made in ascertaining the met profit on which royalty is payable and no such deduction has been made;

(v) Doubt has arisen whether the wording of paragraph 5 of the Schedule to the Ordinance clearly gives effect to the intention aforesaid;

(vi) It is desired to remove such doubt;

(vii) The Company has consented to the variation of the

terms of paragraph 5 of the Schedule: