TNAG-1515-FCO40-2076-Bridges-and-tunnels-in-Hong-Kong-1986 — Page 116

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the operation of the road tunnel, for by-laws to be

drafted for the approval of this Council, for tolls to be

charged and for the processing of suspected traffic

offences within the tunnel. As with the procedure for

setting tolls for the Cross Harbour Tunnel, the initial

tolls have been established and are recorded in the

Schedule to the Bill. They can only be altered with the

agreement of the Governor-in-Council, or failing

agreement, following arbitration.

Part XI provides for

the operation of the rail tunnel by the Mass Transit

Railway Corporation. Part XII provides for the revocation

of the franchises, the key points being that in the event

of default the creditors of the companies will be given

first option for making suitable arrangements for

overcoming default and only in the event of their failure

would revocation take place. This departure from

provisions in the Cross Harbour Tunnel Ordinance was seen

as necessary to assist in the raising of Project finance

and increasing the confidence of potential lenders.

finally in Part XIII there is provision for appeal to the

Governor-in-Council against any requirements imposed by

authorities under this Ordinance, and with respect to the

construction elements in a dispute with the Director where

failure of the appeal would place the companies in

default, the Governor will refer such a dispute to

arbitration.

And

10.

adjourned.

Sir, I move that debate on this motion be