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recovery of the amount), sell and dispose of the materials so removed, either by public auction or private sale, and for such sum and to such person as he may think fit, and may, out of the proceeds of such sale, reimburse himself the amount of the cost certified as aforesaid and of the cost of sale, and the balance, if any, shall be paid to the company.
In case of
11. If it appears to the Governor-in-Council that the company is insolvent, so that it is unable to maintain such tramway or work the same with advantage to the public, the Governor-in-Council may inquire into the financial affairs of the company, and if it appears that the company is so insolvent as aforesaid, he may, by order, declare that the powers of the company shall, at the expiration of 6 months from the making of the order, be at an end, and the powers of the company shall cease and determine at the expiration of the said period, unless the tramway is purchased by the Government in the manner provided by this Ordinance; and thereupon the Director of Public Works may remove the tramway in like manner and subject to the same provisions as to the payment of the cost of such removal, and to the same remedy for recovery of such cost, in every respect as in cases of removal under the last section.
12.-(1) The Governor-in-Council may, within 6 months after the expiration of 28 years from the time when the company was empowered to construct the tramway, and within 6 months after the expiration of every subsequent period of 7 years, or within 3 months after any order made by the Governor-in-Council under either of the last two sections, by notice in writing require the company to sell, and thereupon the company shall sell, to the Government its undertaking on the terms of paying the then value (exclusive of any allowance for past or future profits of the undertaking or any compensation for compulsory sale or other consideration whatsoever) of the tramway, and all lands, buildings, works, materials, and plant, suitable to and used for the purposes of its undertaking, such value to be, in cases of difference, determined upon petition to the Court in a summary way.
(2) When any such sale has been made, all the rights, powers, and authorities of the company in respect of the undertaking sold,
* As amended by No. 51 of 1911, No. 62 of 1911, No. 63 of 1911 and No. 8 of 1912.
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༧༢
PEAK TRAMWAY.
No. 2 of 1883.
273
recovery of the amount), sell and dispose of the materials so removed, either by public auction or private sale, and for such sum and to such person as he may think fit, and may, out of the pro- ceeds of such sale, reimburse himself the amount of the cost certified as aforesaid and of the cost of sale, and the balance, if any, shall be paid to the company.
in case of
*.
11. If it appears to the Governor-in-Council that the company Proceedings is insolvent, so that it is unable to maintain such tramway or work insolvency of the same with advantage to the public, the Governor-in-Council company. may inquire into the financial affairs of the company, and if it appears that the company is so insolvent as aforesaid, he may, by order, declare that the powers of the company shall, at the expira- tion of 6 months from the making of the order, be at an end, and the powers of the company shall cease and determine at the expiration of the said period, unless the tramway is purchased by the Government in the manner provided by this Ordinance; and thereupon the Director of Public Works may remove the tramway in like manner and subject to the same provisions as to the pay- ment of the cost of such removal, and to the same remedy for recovery of such cost, in every respect as in cases of removal under the last section.
Government
12.-(1) The Governor-in-Council may, within 6 months after Purchase by the expiration of 28 years from the time when the company was of tramway. empowered to construct the tramway, and within 6 months after + the expiration of every subsequent period of 7 years, or within 3 months after any order made by the Governor-in-Council under either of the last two sections, by notice in writing require the company to sell, and thereupon the company shall sell, to the Government its undertaking on the terms of paying the then valuc (exclusive of any allowance for past or future profits of the under- taking or any compensation for compulsory sale or other considera- tion whatsoever) of the tramway, and all lands, buildings, works, materials, and plant, suitable to and used for the purposes of its undertaking, such value to be, in cases of difference, determined upon petition to the Court in a summary way.
(2) When any such sale has been made, all the rights, powers, and authorities of the company in respect of the undertaking sold,
* As amended by No. 51 of 1911, No. 62 of 1911, No. 63 of 1911
and No. 8 of 1912.
As amended by No. 62 of 1911, No. 63 of 1911 and No. 8 of 1912.
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