CO882-(6-8) — Page 504

PUBLIC RECORD OFFICE

Reference :-

C.O. 882

8 PUBLIC RECORD OFFICE, LONDON

ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC-

COPYRIGHT PHOTOGRAPH—NOT TO

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It is necessary, however, for me to state that the Company are extremely surprised at the terms of price suggested by the Government of the Colony, and unless these terms are very considerably increased, any agreement will be impossible, and the Company will have to take up a position of determined opposition to the Ordinance of expropriation, but the Company trust that on further consideration the Government will see the desirability of meeting the Company in a more reasonable spirit.

I am, &c.,

W. G. GULLAND, Chairman of the London Consulting Committee of The Tanjong Pagar Dock Company, Limited.

Enclosure in No. 42.

AN ORDINANCE to provide for the acquisition by the Government of the Straits Settlements of the Undertaking known as The Tanjong Pagar Dock Company and for the management of the same.

Whereas it is expedient that the property and assets undertaking of the Tanjong Pagar Dock Company Limited should be vested in the Government of this Colony and that provision should be made for the management of the same.

Be it enacted &c.

1. This Ordinance may be known as The Tanjong Pagar Dock Ordinance

1905."

2. In this Ordinance the following expressions shall have the meanings respectively assigned to them where not inconsistent with the context :-

"

"The Governor means the Officer for the time being administering the

Government of the Colony.

"The Colony" means the Colony of the Straits Settlements and "the Govern-

ment means the Government of the Colony.

"The Company" means the Tanjong Pagar Dock Company, Limited. "The Board means the Board constituted by the provisions of this Ordin-

ance.

"The Court" means the Court of Arbitration constituted by the provisions

of this Ordinance.

The expression "undertaking" includes all such property real and personal including cash balances and reserve funds investments and all powers rights authorities and privileges and all other interests and rights in to and out of the property real and personal and obligations and things in action as may be in the possession of the Company or belonging to them immediately before the date referred to in the next section and all books accounts and documents relating thereto but subject to all debts liabilities and obligations of the Company by this Ordinance

transferred to the Board or the Government.

3. It shall be lawful for the Governor by writing under his hand addressed to the Managing Director of the Company to give notice that it is his intention to take over the property undertaking of the Company on a date to be stated in the said writing and from and after such date the property-and-assets undertaking of the Company in the Colony shall be vested in the Government. Sh notice shall be given within 6 months from the coming into force of this Ordinance and the date to be stated therein shall be a 1st day of January or 1st day of July not being less than 6 months from the giving of such notice.

4. The Government shall be liable for all debts liabilities and obligations lawfully incurred by the Company at the date aforesaid.

5. There shall be paid out of the funds of the Colony to the Company as com- pensation for the taking over of the property undertaking of the Company & sum to be determined by mutual agreement between the Government and the Company or failing such agreement by arbitration, but any sum so payable or any part of it may if the Government and the Company so agree be discharged wholly or partly in inscribed stock of the Government. The money or stock to which the Company

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so become entitled shall be paid or issued to the Company by the Government within 3 months after the date referred to in Section 3 or after the ascertainment of the amount thereof whichever date is the later.

6. For the purposes of the arbitration mentioned in the last preceding section, a Court shall be constituted in the manner following, that is to say :--

7.

(1) Unless the Government and the Company shall concur in the appointment of a single arbitrator they shall each of them nominate and appoint an arbitrator and after any such appointment shall have been made neither party shall have power to revoke the same without the consent of the other party.

(2) If before the matters referred to arbitration shall be determined the arbitrator appointed by either party die or become incapable the party by whom such arbitrator was appointed may nominate and appoint some other person to act in his place, and if for the space of 14 days after notice in writing from the other party for that purpose the said party fail to do so the remaining or other arbitrator may proceed ex parte and every arbite for to be substituted as aforesaid shall have the same powers and authorities as were vested in the former arbitrator at the time of such his death or disability as aforesaid.

(3) If more than one arbitrator shall have been appointed, such arbitrators shall before they enter upon the matters referred to them nominate and appoint by writing under their hands an umpire to decide on any such matters on which they shall differ; and if such umpire shall die or become incapable to act they shall forthwith after such death or incapacity appoint another umpire in his place, and the umpire so appointed shall have the same powers and authorities as were vested in the umpire last appointed at the time of his death or incapacity to act.

(4) If the arbitrators shall refuse or shall for 7 14 days after the request of either party neglect to appoint any such umpire the Lord Chief Justice of England may on the application of either party appoint an umpire.

(5) The decision of the umpire on the matters on which the arbitrators shall

differ shall be final.

In the event of no agreement being arrived at by mutual consent as provided for in Section 5 within 3-months-from before the date referred to in Section 3 the court shall be constituted as soon thereafter as conveniently may be. It shall hold its sittings in the Colony and the provisions of the Arbitration Ordinance of 1890 Sections 20 to 23 inclusive shall apply to its proceedings.

8. In fixing the sum to be awarded as compensation the Court shall determine the value of the undertaking as if with the necessary modifications the law of com- pensation for the purposes of the Lands Clauses Acts of the Imperial Parliament were applicable to the case. Provided that the Court shall not make any allowance-for compulsory-sale and shall not take into account any enhancement or depreciation of the market value of any stock or shares of the Company, which in the opinion of the Court was caused by or resulted from the passing or the anticipation of the passing of this Act, but the Court may make such allowance as they think just for recoupment of any loss of interest pending re-investment as well as for the cost of re-investment and for covering any costs charges and expenses (other than costs incurred in an arbitration under this Act) which have been or are likely to be incurred in consequence of the passing of this Act by the Company or the shareholders therein including the costs charges and expenses of winding up the affairs of the Company and which ought in the opinion of the Court to be borne by the Government. The Court in awarding the compensation under this Ordinance shall consider whether any liabilities incurred by the Company after the 10th December 1904 were necessarily reasonably and properly incurred for the purpose of carrying on the ordinary business of the Company since that date.

9. A Board, to be called the Tanjong Pagar Dock Board shall be constituted as hereinafter provided. The Board shall from and after the date referred to in Section 3 hold the undertaking of the Company and may exercise all the rights powers authorities and privileges of the Company and shall (to the exclusion of the Company) be subject to all the duties obligations and liabilities of the Company.