CAP. 107]
Power to sell,
Power lease.
to
Power to mortgage.
Tramway.
Power to sell.
35. Subject to the approval of the Governor in Council, the company may sell or assign the whole of its undertaking to such person, by public auction or private contract or partly by public auction and partly by private contract, and with, under and subject to such terms and conditions in all respects, as the company thinks fit, with power at any such sale to fix a reserve price for or buy in the same; and when any such sale or assignment has been made and completed all the rights, powers, authorities, obligations and liabilities of the company in respect of the undertaking shall be transferred to, vested in and may be exercised by and shall attach to the person to whom the same have been sold or assigned, in like manner as if the undertaking had been constructed by such person under the powers conferred upon him by this Ordinance, and in reference to the same he shall be deemed to be the company and to be subject in all respects to the provisions of this Ordinance and to any order or rules made hereunder: Provided that the company may at any time sell or assign any land, machinery, property, chattel or effect which is not required for the efficient maintenance and working of its undertaking.
[39]
Power to lease.
36. Subject to the approval of the Governor in Council, the company may demise or let the whole of its undertaking to such person, for such term of years or from year to year or for any less period, and for such rent and upon such terms and conditions in all respects, as the company thinks fit, to take effect either in possession or at some future date, and either with or without a premium as a consideration for such demise; and when any such demise or letting has been made the lessee shall be subject in all respects to the provisions of this Ordinance and to any order or rules made hereunder: Provided that the company may at any time demise or let any land, machinery, property, chattel or effect which is not required for the efficient maintenance and working of its undertaking.
[40]
Power to mortgage.
37. Subject to the approval of the Governor in Council, it shall be lawful for the company to borrow money on mortgage of the whole of its undertaking, and for that
202
CAP. 107]
Power to sell,
Power lease.
to
Power to mortgage.
Tramway.
Power to sell.
35. Subject to the approval of the Governor in Council, the company may sell or assign the whole of its undertaking to such person, by public auction or private contract or partly by public auction and partly by private contract, and with, under and subject to such terms and conditions in all respects, as the company thinks fit, with power at any such sale to fix a reserve price for or buy in the same; and when any such sale or assignment has been made and completed all the rights, powers, authorities, obligations and liabilities of the company in respect of the undertaking shall be trans- ferred to, vested in and may be exercised by and shall attach to the person to whom the same have been sold or assigned, in like manner as if the undertaking had been constructed by such person under the powers conferred upon him by this Ordinance, and in reference to the same he shall be deemed to be the company and to be subject in all respects to the provisions of this Ordinance and to any order or rules made hereunder: Provided that the company may at any time sell or assign any land, machinery, property, chattel or effect which is not required for the efficient maintenance and working of its undertaking.
[39]
Power to lease.
36. Subject to the approval of the Governor in Council, the company may demise or let the whole of its undertaking to such person, for such term of years or from year to year or for any less period, and for such rent and upon such terms and conditions in all respects, as the company thinks fit, to take effect either in possession or at some future date, and either with or without a premium as a consideration for such demise; and when any such demise or letting has been made the lessee shall be subject in all respects to the provisions of this Ordinance and to any order or rules made hercunder : Provided that the company may at any time demise or let any land, machinery, property, chattel or effect which is not required for the efficient maintenance and working of its undertaking.
[40]
Power to mortgage.
37. Subject to the approval of the Governor in Council, it shall be lawful for the company to borrow money on mortgage of the whole of its undertaking, and for that
202
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