129
20
No. 10 of 1902.
Power to lease.
Power to mortgage.
TRAMWAY.
such sale to fix a reserve price for, or buy in the same; and when any such sale or assignment has been made and completed all the rights, powers, authorities, obligations and liabilities of the company in respect to the undertaking shall be transferred to, vested in and may be exercised by and shall attach to the person to whom the same have been sold or assigned, in like manner as if the undertaking had been constructed by such person under the powers conferred upon him by this Ordinance, and in reference to the same he shall be deemed to be the company and to be subject in all respects order or rules to the provisions of this Ordinance and to any made hereunder: Provided that the company may at any time sell or assign any land, machinery, property, chattel or effect which is not required for the efficient maintenance and working of its undertaking.
Power to lease.
40. Subject to the approval of the Governor in Council, the company may demise or let the whole of its undertaking to such person, for such term of years or from year to year or for any less period, and for such rent and upon such terms and conditions in all respects as the company shall think fit, to take effect either in possession or at some future date, and either with or without a premium as a consideration for such demise; and when any such demise or letting has been made the lessee shall be subject in all respects to the provisions of this Ordinance and to any order or rules made hereunder : Provided that the company may at any time demise or let any land, machinery, property, chattel or effect which is not required for the efficient maintenance and working of its undertaking.
Power to mortgage.
41. Subject to the approval of the Governor in Council, it shall be lawful for the company to borrow money on mortgage of the whole of its undertaking, and for that purpose to assign or demise by way of mortgage all its lands, messuages or tenements, erections, buildings, works, rolling stock, plant, machinery, chattels and effects, to any person, and to enter into all such covenants, provisos, declarations and agreements as the company shall think fit or proper, and any mortgagee in possession shall be subject in all respects to the provisions of this Ordinance and to any order or rules made hereunder.
130
TRAMWAY.
No. 10 of 1902.
21
Rights of Government.
in military
42. The Governor in Council may by order direct that Rights of precedence over the company and all other persons in the Government user of the tramway, or any part thereof, be taken for emergency. defensive or military purposes, or for the passage of troops and war material, on giving to the company before each occasion of such user three clear days notice, when practicable.
such emer-
43. The Governor in Council shall direct the payment to Fares, etc., to the company for such user as aforesaid of such fares and be paid in charges as shall be agreed on, or, if no agreement shall be gency. come to, then the amount of the fares and charges to be paid shall be determined upon a special case.
44. Postmen and policemen in the service of the Govern- Postmen and ment on duty and in uniform shall be carried free of charge, policemen on
duty and in uniform free.
Traffic upon the tramway.
45. The tramway may be used for the purpose of convey- Traffic upou ing passengers, animals, goods, merchandise, commodities, tramway. minerals and parcels.
46. Save and except passengers' luggage not exceeding Company sixteen pounds in weight or one cubic foot in measurement, may refuse the company shall not be bound to carry any animals, goods, certain goods. merchandise, commodities, minerals or parcels.
Royalties to Government.
to carry
47.-(1) The company shall not be required to pay any Royalties. royalty for ten years after the tramway has been opened for public traffic, but in consideration of the rights, powers and authorities hereby granted or conferred, the company thereafter shall pay to the Government the following royalties :-
(a) from and after the expiration of the said ten years, for the period of twenty-five years, five per cent. per annum of the profits;
(b) after the said period of twenty-five years has expired and for so long as the company shall exercise their said rights, powers and authorities, twenty-five per cent. per annum of the profits.
No comments yet.
Private notes are available after approval.