CAP. 304]
[s. 9 cont.]
Proceedings in case of insolvency
of company.
Purchase by Government of tramway,
Peak Tramway.
copy thereof, the Director may, without previous notice to the company (but without prejudice to any other remedy which he may have for the 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.
[10
10. 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 six 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 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 section 9.
[11
11. (1) The Governor in Council may, within six months after the expiration of twenty-eight years from the time when the company was empowered to construct the tramway, and within six months after the expiration of every subsequent period of seven years, or within three months after any order made by the Governor in Council under section 9 or 10, 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: Provided that, if on any such land the company shall have erected any building, or any portion of
204
1
1
CAP. 304]
[s. 9 cont.]
Proceedings in case of insolvency
of company.
Purchase by Government of tramway,
Peak Tramway.
copy thereof, the Director may, without previous notice to the company (but without prejudice to any other remedy which he may have for the 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 afore- said and of the cost of sale, and the balance, if any, shall be paid to the company.
[10
10. 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 in- solvent as aforesaid, he may, by order, declare that the powers of the company shall, at the expiration of six 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 may remove the tramway in like man- ner 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 section 9.
[11
11. (1) The Governor in Council may, within six months after the expiration of twenty-eight years from the time when the company was empowered to construct the tramway, and within six months after the expiration of every subsequent period of seven years, or within three months after any order made by the Governor in Council under section 9 or 10, by notice in writing require the company to sell, and thereupon the company shall sell, to the Govern- ment 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: Provided that, if on any such land the company shall have erected any building, or any portion of
204
1
1
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