1975-HKRS28-16-23_Part03 — Page 52

Chévélo pomen Fucd.

Perlued ICECOL.

Deduptbere from permit

metaca

10

"permitted return" means the return allowed to a grantee under section

2801) in an accounting year.

27. (1) A grantee shall, for the purposes of its franchise, maintain a Reserve to be called the Development Fund the purpose of which, subject to section 28(4) and (5), shall be to assist in the acquisition of fixed assets,

(2) The balance in the Development Fund represents a liability of a grantee and shall not be applied except as provided in this Part or in the franchise of a grantee.

28. (1) The permitted return to a grantee in an accounting year abal) be an amount (after deduction of taxes) equal to the percentage per ortrom specified in its franchise of the average det fined assets of the grantee in thal accounting year.

(2) There shall be deducted from the permitted return the amounts specified in section 29.

(3) Where in an accounting year the operating receipts of a grantee exceed the aggregate of-a

(a) the total operating costs of the grantee incurred in connexion with its franchise, including depreciation effected in accordance with section 30; and

(6) taxes, including profits tax,

for that accounting year, the gramee shall deduct the permitted return from such excess or so much thereof as is permitted by such excess and in the former case any excess remaining thereafter shall be added to the Development Fund.

(4) Where in an accounting yeur-

(2) the operating receipts of a grantee are less than the aggregate of the amounts in respect of paragraphs (a) and (b) of subsection (3); or

(b) only part of the permitted retum has been deducted under

subsection (3),

the grantee shall, subject to subsection (5), deduct from the Development Fund-

(i) in the case of paragraph (a), the deficiency in the operating receipts and the entire amount of the permitted return; and () in the case of paragraph (5), such part of the permitted retum

as bas not been deducted under subsection (3).

(5) If in an accounting year there is no balance in the Development Fund, or the balance in the Development Fund is insufficient, for the purposes of subsection (41) or (ii) as the case may be, the Financial Secretary may in writing permit the grantee to deduct from the Develop meat Fund in subsequent years any amount due to it under that subsection in that accounting year.

29. (1) Subject to such conditions as may be specified in its franchise, there shall be deducted from the permitted return in each accounting year of a grantee-

(e) a charge at the rate specified in its franchise on the average of the opening and closing balances of the Development Fund in the accounting year; and

(b) interest at the rate specified in its franchise on all borrowed

capital of the grantes.

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(2) Any amounts deducted under subsection (a) shall be added to the Development Fund in the accounts of each accounting year and shall form part of the opening balance of the Development Fund in the next following accounting year.

30. Subject to such conditions as may be specified in its franchise, Depredation. the annual rates of depreciation and the residual value in respect of the fixed assels of a grantee shall be as specified in its franchise.

31. The operation of the profit control scheme in respect of a grantee Review of shall be reviewed by the Governor in Council every 2 years.

32. The Financial Secretary may require a grantee -

(a) to produce to him, at such time and place as he may specify,

sucf books and statements of account of the grantee; and (6) to provide to him such information in relation to the public

omnibus service operations of the gmniles,

as he may require.

PART VI

MISCELLANEOUS

prefli coobře. scheme.

Powers of Financial

Secretary ko

requles production

of accounts.

33. (D) A grantee which is aggrieved by any decision, direction or Appeal by requirement of the Commissioner, or any person authorized by him, under ante. this Ordinance or its franchise may, within 28 days of the giving or making of the decision, direction or requirement, appeal by petition to the Governor in Council, and the decision of the Governor in Council on any such appeal shall be final.

(2) Where a grantee has appealed under subsection (1), the decision. direction or requirement, as the case may be, shall not have effect until the appeal has been determined, unless the Governor in Council otherwise directs,

34. The Commissioner shall, whenever necessary in consequence of-

Armendacient of Schedule of

(a) the exercise of any power conferred on the Governor in Council Routes orders.

by section 14;

(b) a revocation under section 24(2); or

(c) any decision of the Governor in Council on an appeal under

section 33,

by order amend the Schedule of Routes order affected thereby.

35. The Governor in Council may make regulations for all or any of Regulations.

The following matters-

(a) the provision of adequate signs and destination indicators on

omnibuses used by a grantee;

(b) the provision of uniforms and badges for the drivers, conductors

and regulators employed by a grantee;

(c) regulating the conduct of such drivers, conductors and regulators

while so employed:

(d) regulating the carriage of baggage and goods on such omnibuses;

(e)

the method of payment of fares by passengers using such omni- buses;