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(ii) in paragraph (b), by inserting the following
after "names"
"and places of residence"; and
(b) in subsection (2), by deleting the following
"The term "disqualified person" has the
meaning attributed to it in subsection (3)
of section 11.".
Repeal and replacement of section 41.
20. Section 41 of the principal Ordinance is repealed
and replaced by the following
.
"Calculation of royalty payable by licensees.
(Cap. 112.)
41. (1) A licensee shall pay to
the Government a royalty of 25 per cent
of the net profit of the licensee for
each accounting year of the licensee,
ascertained in accordance with Part IV
of the Inland Revenue Ordinance:
Provided that
(a) in making the deductions set
out in section 16 of that
Ordinance due regard shall be
had to the current level of
prices and costs, so that any
such deduction shall be limited
to such sum as the Financial
Secretary may decide is
reasonable and so that allowance
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