1962-HKRS28-8-29_Part03 — Page 41

Repeal and replacement

of section 33.

Amendment

of section 34.

(39 of 1957).

10

( the application to cars and to drivers of cars and to the company and to any other person, with such modification as may be necessary, of any regula- tions made in accordance with the provisions of the Road Traffic Ordinance. 1957, other than regulations relating to the construction and main- tenance of vehicles.

( the general control of the use of cars on a road and the carrying of passengers and other persons therein.

(2) Any regulation made under this section may pro- vide that a contravention thereof shall be an offence and may prescribe punishraent and penalties for such offence not exceeding a time of one thousand dollars and imprisonment for six months and a continuing penalty not exceeding on hundred dollars for every day during which the offence continues.".

18. Section 33 of the principal Ordinance is repealed and replaced by the following-

**Rules made by the

imiparey

19.

33 (1) The company, with the approval of the Governor in Council, may by rules prescribe and provide

for-

(a) preventing the commission of any nuisance in or upon any car or in or against any premises belong- ing to the company;

(b) the control of the conduct of passengers ou a car

and persons attempting to board or leave a car; (c) the issue of tickets, including season tickets, their inspection on a car and the general control thereof; (d) the disposal of lost property found on a car or on

any premises of the company;

(e) any other matter, relating to the running of the tramway, which is necessary to be prescribed or provided for.

(2) Any rule made under this section may provide that a contravention thereof shall be an offence and may prescribe punishment and penalties for such offence not exceeding a fine of one thousand dollars and imprisonment for six months.".

Section 34 of the principal Ordinance is amended by-

(a) the deletion of the full stop at the end thereof;

(b) the addition after the word "width" at the end thereof of the

following-

"exclusive of any driver's observation mirror.".

20. Section 43 of the principal Ordinance is repealed and replaced Repeal and by the following-

replacement of section 43. "Royalty.

(Cap. 112),

43. (1) On or before the 15th day of April, 1963 and on or before the 1st day of April of every subsequent year during which the company continues to exercise its rights. powers and functions under this Ordinance, the company shall pay to the Government a royalty of twenty-three and one-eighth per cent of the net profit of the company for the previous calendar year, ascertained for the purpose of Part IV of the Inland Revenue Ordinance:

Provided that

(a) in making the deductions set forth in section 16 of that Ordinance due regard shall be had to the current level of prices and costs, so that any deduction shall be not greater than such sum as the Financial Secretary may decide is reasonable and so that any allowance of any sum by way of depreciation of a capital asset shall be not greater than an amount which represents that allowed under Part VI of that Ordinance on what the Financial Secretary may decide is the reasonable price for such asset at the time of acquisition; and (b) in ascertaining the net profit as aforesaid-

(i) there shall be excluded from the taxable profits of the company any bank interest, interest and dividends on investments, profit and losses on sales of investments and on redemption of invest- ments and profit and losses on sales of capital assets of the Tramway undertaking, but not any balancing charge or balancing allowance which may be allowed under Part VI of that Ordinance in respect of any such capital assets; and

(i) no deduction shall be made in respect of any sum which may be payable as royalty by the company to Government or in respect of any interest on money borrowed by the company except such part of any such interest as, in any year, is in excess of the total dividends and interest received by the company from any investments of the company.