TNAG-0351-FCO40-387-Future-of-broadcasting-in-Hong-Kong-1972 — Page 68

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(3) The Legislative Council may, by

resolution, amend the rate of royalty

specified in subsection (1), or amend

that rate for any accounting year of a

licensee; and any resolution under this

section may have retrospective effect to

the commencement of the accounting year

of the licensee in which the resolution

is passed.

(Cap. 341.)

(4) If a licensee disputes any

determination of the Financial Secretary

under subsection (1) the matter shall

be determined under the Arbitration

Ordinance.

Quarterly payments of

royalty.

41A. (1) A licensee shall make

quarterly payments to the Accountant

General on account of the royalty payable

by the licensee under section 41 and

accruing during each accounting year

of the licensee.

(2) The amount of each payment

referred to in subsection (1) shall be

a sum equal to one quarter of 25 per cent

of the estimated net profit of the licensee

calculated in accordance with section 41

or such sum as the Financial Secretary

may determine.