Directors of the Company.
(Cap. 32)
Shares of the Company on the operating date.
Shares to be listed and quoted on Stock Exchange.
Grant of wayleave and rent therefor.
Government to retain rights over tunnel area and works arca.
rights and obligations of the Company and may, if he grants such consent, impose such conditions, not inconsistent with this Ordin- ance, as he may consider necessary.
6. (1) A majority of the directors of the Company shall be British subjects.
(2) If at any time the Government holds ten per cent or more of the issued and fully paid up share capital of the Company, the Governor shall have power, notwithstanding any provision of the Companies Ordinance or any other law or instrument, to appoint two directors of the Board of the Company, or such greater number of directors as bears the same proportion (omitting any fraction) to the number of directors on the Board as the amount of such capital held by the Government bears to the total issued and fully paid up share capital of the Company.
7. On the operating date, the issued and fully paid up sbare capital of the Company shall amount to not less than cighty million dollars in addition to any holding of such capital by the Government.
8. The Company shall ensure that the shares of the Com- pany are listed and quoted on the Hong Kong Stock Exchange within two years of the operating date or such later date as may be allowed by the Governor in Council.
Rights over land and payments due by the Company.
9. (1) Subject to this Ordinance, the Government grants to the Company, from the start of construction and thereafter during the continuance of the grant, a wayleave through the tunnel area.
(2) The Company shall pay in advance to the Government an annual rent of seventy-five thousand dollars in respect of the way- leave, commencing from the start of construction.
10. (1) Subject to the grant, and the grant of the wayleave under subsection (1) of section 9, the Government shall retain all rights of ownership in and over the land comprised in the tunnel area and in the works area; and in the exercise of such rights the Government may direct the siting or re-siting of any toll structures.
(2) The Government shall not exercise any such rights in such a manner as would derogate from the grant.
11. The Company shall pay in advance to the Government an annual rent at the rate of five thousand dollars per acre in respect of any land within the tunnel area upon which stands any toll structure commencing from the date the construction works relat- ing to such structure are approved under section 20.
12. The works area shall be made available to the Company during the construction works on such conditions as may be agreed upon between the Government and the Company.
13. The Company shall pay to the Government the sum of twelve million dollars by way of contribution to the expenses incurred by the Government in the construction of roads and other engineering works which would not otherwise be required or would cost less if the tunnel were not constructed. Such som shall be paid in such manner and at such time as may be agreed between the Government and the Company.
Royalty payments,
14. (1) Subject to this section, the Company shall pay to the Government a royalty of twelve and one-half per cent of the operating receipts during the continuance of the grant:
Provided that
(a) during the ten-year period following the operating date the Governor may authorize the Company to pay a reduced royalty of not less than seven and one-half per cent of the operating receipts in respect of any financial year,
(b) the difference between the amount of royalty payments due at twelve and one-balf per cent and any such reduced royalty payments shall be credited to the Government in the books of the Company and the balance on this account at the end of each quarter shall earn compound interest calculated at the rate of one and three-quarters per cent per quarter;
(c) the amount constituting any such difference, and any interest due in respect thereof, may be paid in such instalments and at such times as may be agreed between
Annual rent for toll structures.
Works area
to be made available to Company.
Contribution
lo cost of road works.
Royalty.
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