TNAG-0351-FCO40-387-Future-of-broadcasting-in-Hong-Kong-1972 — Page 96

1964 Ed.]

Television.

[CAP. 52

17

(g) where a provisional royalty is paid for any payment period it shall be adjusted, and a further payment shall be made or a refund allowed when payment becomes due in respect of the next ensuing payment period;

(h) in respect of the payment period on the expiry of which the licence terminates all gross takings earned by the licensee during the subsistence of the licence, and not already brought into account under these provisions, shall be deemed to be payable or accruing during such last payment period;

(i) at the close of each accounting year royalties paid in respect of the payment periods in such accounting year shall be adjusted by reference to the audited accounts furnished under section 43. If such accounts are not furnished within the time provided by section 43 the Financial Secretary may exercise the powers granted under section 42 and may adjust the royalty for the year accordingly;

(j) after the adjustment of the royalty the licensee shall pay such sum as may be demanded by the Financial Secretary as royalty owing after adjustment, or the Financial Secre- tary shall inform the licensee of any refund due to him and may direct the Treasury to make payment according- ly or to credit the licensee with the sum due to be refunded;

(k) neither payment by a licensee nor acceptance of any sum by the Treasury shall operate in any way to prevent either the licensee or the Government (which term shall include the Financial Secretary) from exercising any right under this section or be deemed to constitute a waiver by either party of any sum which may be payable as royalty or refund:

(1) for the purpose of this section, "gross takings" means—

(i) the gross sums payable to the licensee in respect of services or facilities provided, or operations carried on, by the licensee for the purposes of or in connexion with its business as a broadcaster of wireless television, other than bank interest or dividends on investments, the pro- ceeds of the sale or redemption of investments or other capital assets and rent received in respect of any letting of premises that are surplus to the licensee's requirements for the purposes of its business as a broadcaster of wire- less television; and

(ii) the gross value as determined by the Television Authority of any assets or services received by the licensee in lieu of any such sum as aforesaid.