CO885-(7-8)-2 — Page 427

PUBLIC RECORD OFFICE

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Reference :--

LLC.O. 882

8

PUBLIC RECORD OFFICE, LONDON

ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH—NOT TO

Inspection of Com-

pany's

under- taking by officers of the Gov- ernment.

Pending proceed- ings and executing

contracts.

Payment

sation.

106

for the purpose of inspecting the works and property and to all books of account and documents of the Company in the possession of the Government for the purpose of inspecting copying and making extracts from the same and shall have all proper facilities for the purposes aforesaid; and

(c) There shall be paid by the Government to the Company from time to time on account of the sum ultimately found to be due to the Company from the Government such sums as may be agreed upon between the Govern- ment and the Company.

8. Any person authorized in that behalf by the Government shall have free access to all the lands works stores and premises of the Company for the purpose of inspecting the same and to all books accounts and documents in the possession of the Company (other than the documents prepared for the purpose of an agreement or arbitration under this Ordinance) for the purpose of inspecting copying and making extracts from the same and shall have all proper facilities for the purposes aforesaid.

9. Subject to the provisions of this Ordinance and without prejudice to any remedy over by the Board to be appointed under Section 22 below against the Company-

(a) If on the appointed date any proceeding or any cause of action is pending or existing by or against the Company the same shall not abate be discontinued or be in any way prejudicially affected by reason of the transfer to the Government of the undertaking of the Company or of anything in this Ordinance; but the proceeding or cause of action may be continued prosecuted and enforced by or against the Board as it might have been by or against the Company if this Ordinance had not been passed but not further or otherwise;

(b). All contracts deeds bonds agreements and other instruments subsisting immediately before the appointed date affecting the Company shall be of as full force and effect against or in favour of the Board and may

be enforced as fully and effectually as if instead of the Company the Board had been a party thereto.

10. There shall be paid out from the funds of the Colony to the Company as of compen compensation for the taking over of the property of the Company a sum to be deter- mined 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 Colony.

Arbitra- tion.

Appoint- ment of

arbitrator

or arbi-

trators.

Death or

incapacity

of

arbitrator.

Nomina-

tion of umpire by arbitrators.

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

(a). 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 such appointment shall have been made neither party shall have power to revoke the same without the consent of the other party;

(b). If before the matters referred to arbitratic. 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 seven 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 arbitrator 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.

(c). 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

12.

107

in the umpire last appointed at the time of his death or incapacity to act;

(d.) If the arbitrators shall refuse or shall for seven days after the request Appointment

of either party neglect to appoint any such umpire the Lord Chief Lord Chief Justice of England may on the application of either party appoint an Justice of umpire;

of umpire by

England if arbitrators fail.

(e). The decision of the umpire on the matter on which the arbitrators shall Decision of

differ shall be final.

umpire final.

In the event of no agreement being arrived at by mutual consent as provided Sittings for in Section 10 within three months from the appointed date the Court shall be and pro- constituted as soon thereafter as conveniently may be. It shall hold its sittings in ceedings of the Colony and the provisions of "The Arbitration Ordinance 1890" Sections 20 to 23 tion Court. inclusive shall apply to its proceedings.

Arbitra-

13. In fixing the sum to be awarded as compensation the Court shall determine Fixing the value of the undertaking as if with the necessary modifications the law of com- amount of pensation for the purposes of the Lands Clauses Acts of the Imperial Parliament compensa- were applicable to the case. Provided that the Court shall not make any allowance tion. 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 Ordinance; but the Court may make such allowance as they think just for the recoupment of any loss of interest pending re-investment as well as for the cost of re-investment. The Court in awarding the compensation under this Ordinance shall consider whether any liabilities incurred by the Company after the 10th of December 1904 were necessarily and properly incurred for the purpose of carrying on the ordinary business of the Company since that date.

14. As soon as the compensation due to the Company shall have been duly paid Dissolu- or satisfied to the Company in accordance with this Ordinance the Company shall tion of enter upon a liquidation of its affairs and upon conclusion thereof be dissolved. Company.

15. If any part of the compensation is to be discharged to the Company in Payment inscribed stock of the Colony if so required by the Company before the stock is issued of com- to the Company instead of issuing to the Company the whole of the stock so to be pensation issued to them the Government may issue the stock to such amounts and to such stock. persons as the Company may require and the issue of stock in accordance with such requirements shall to that extent discharge the Government of its liability to issue stock to the Company.

in colonial

given on

16. If any part of such compensation is to be discharged in cash the receipt of By whom three Directors of the Company or of three members of the London Committee of receipts the Company for any sum in gross to be paid by the Government to the Company may be shall effectually discharge the Government for the sum expressed in such receipt behalf of to have been received and from being concerned to see to the application thereof and the from being answerable or accountable for the loss misapplication or non-application Company. thereof.

17. If the Company are unable after diligent inquiry to find the person to Provision whom any money is payable or stock issuable or where any money or stock is payable if share- or issuable to a person who or whose committee or guardian cannot give an effectual holders receipt for the same the Company may pay or transfer the same as nearly as may be cannot be in manner provided for payment of money into Court by any Legislative Enactment traced, for the time being in force for the relief of trustees and such Enactment shall apply with all necessary modifications to such money or stock.

18. When the scheme has been completely carried out and all such moneys or Dissoln- stock if any as in Section 17 mentioned have been paid or transferred into Court tion of the Company may apply to the Governor in Council who if satisfied that the said Company. time has arrived shall give a certificate to that effect and upon publication of such certificate in the "Gazette" the Company shall be dissolved.

19. A Board to be called the Tanjong Pagar Dock Board shall be constituted as Board to hereinafter provided. The Board shall from and after the appointed date hold the hold and undertaking of the Company and may exercise all the rights powers authorities and manage the privileges of the Company and shall (to the exclusion of the Company) be subject under- to all the duties obligations and liabilities of the Company.

3150G

02

taking.