CAP. 107]
Tramway.
8425
[s. 25 cont.] prejudice to any other remedy which he may have for the recovery of the amount) sell and dispose of the materials of the tramway or part of the tramway removed, either by public auction or private contract 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, of the proceeds of sale shall be paid to the company. [29]
Proceedings
in case of insolvency
of company.
Purchase by Government of tramway.
Insolvency of company.
26. If it appears to the Governor in Council that the company is insolvent, so that it is unable to maintain the 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 satisfied that the company is so insolvent as aforesaid, 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 same are purchased by the Government in manner by this Ordinance provided, and thereupon the Director may remove the tramway in like manner and subject to the same provisions as to the payment of the costs of such removal and to the same remedy for recovery of such costs in every respect as in cases of removal under section 26.
[30]
Purchase of tramway.
27. The Governor in Council may at the expiration of fifty years from the 23rd day of May, 1902, or at the expiration of any subsequent period of five years, or at the expiration of three months after the making of any order under section 25 or 26, on giving to the company a notice in writing in manner following-
(a) at least six months' notice prior to the expiration of such fifty years;
(b) at least six months' notice prior to the expiration of any such subsequent period of five years;
(c) at least two months' notice prior to the expiration of such three months,
require the company to sell and thereupon the company shall sell to the Government its undertaking, and all lands, buildings, and all other property, real and personal, whatsoever and wheresoever situate, belonging to or appertaining to the undertaking.
198
Page 15
Page 16
CAP. 107]
Tramway.
8425
[s. 25 cont.] prejudice to any other remedy which he may have for the recovery of the amount) sell and dispose of the materials of the tramway or part of the tramway removed, either by public auction or private contract 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, of the proceeds of sale shall be paid to the company. [29]
Proceedings
in case of insolvency
of company.
Purchase by Government of tramway.
Insolvency of company.
26. If it appears to the Governor in Council that the company is insolvent, so that it is unable to maintain the 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 satisfied that the company is so insolvent as aforesaid, 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 same are purchased by the Government in manner by this Ordinance provided, and thereupon the Director may remove the tramway in like manner and subject to the same provisions as to the payment of the costs of such removal and to the same remedy for recovery of such costs in every respect as in cases of removal under section 26.
[30]
Purchase of tramway.
27. The Governor in Council may at the expiration of fifty years from the 23rd day of May, 1902, or at the expira- tion of any subsequent period of five years, or at the expiration of three months after the making of any order under section 25 or 26, on giving to the company a notice in writing in manner following-
(a) at least six months' notice prior to the expiration of
such fifty years;
(b) at least six months' notice prior to the expiration of
any such subsequent period of five years;
(c) at least two months' notice prior to the expiration
of such three months,
require the company to sell and thereupon the company shall sell to the Government its undertaking, and all lands, build-
198
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