1984 Ed.]
Cross-Harbour Tunnel
[CAP. 203
10. (1) Subject to the grant, and the grant of the wayleave under section 9(1), the Government shall retain all rights of ownership in and over the land comprised in the tunnel area and in the works area; and in the exercise of such rights the Government may direct the siting or re-siting of any toll structures.
(2) The Government shall not exercise any such rights in such a manner as would derogate from the grant.
11. The Company shall pay in advance to the Government an annual rent at the rate of $12,355 per hectare in respect of any land within the tunnel area upon which stands any toll structure commencing from the date the construction works relating to such structure are approved under section 20.
(Amended, L.N. 307/84)
12. The works area shall be made available to the Company during the construction works on such conditions as may be agreed upon between the Government and the Company.
13. The Company shall pay to the Government the sum of 12 million dollars by way of contribution to the expenses incurred by the Government in the construction of roads and other engineering works which would not otherwise be required or would cost less if the tunnel were not constructed. Such sum shall be paid in such manner and at such time as may be agreed between the Government and the Company.
Royalty payments
14. (1) Subject to this section, the Company shall pay to the Government a royalty of 12½ per cent of the operating receipts during the continuance of the grant:
Provided that-
(a) during the 10-year period following the operating date* the Governor may authorize the Company to pay a reduced royalty of not less than 7 per cent of the operating receipts in respect of any financial year;
(b) the difference between the amount of royalty payments due at 12½ per cent and any such reduced royalty payments shall be credited to the Government in the books of the Company and the balance on this account at the end of each quarter shall earn compound interest calculated at the rate of 1¼ per cent per quarter;
(c) the amount constituting any such difference, and any interest due in respect thereof, may be paid in such instalments and at such times as may be agreed between the Government and the Company but shall be fully paid by the Company to the Government at least 5 years prior to the expiration of the period of grant.
Government to retain rights over tunnel area and works area.
Annual rent for toll structures.
Works area to be made available to Company.
Contribution to cost of road works.
Royalty.
(*3.8.72 - see G.N. 1852/72.)
1984 Ed.]
Cross-Harbour Tunnel
[CAP. 203
10. (1) Subject to the grant, and the grant of the wayleave under section 9(1), the Government shall retain all rights of owner- ship in and over the land comprised in the tunnel area and in the works area; and in the exercise of such rights the Government may direct the siting or re-siting of any toll structures.
(2) The Government shall not exercise any such rights in such a manner as would derogate from the grant.
11. The Company shall pay in advance to the Government an annual rent at the rate of $12,355 per hectare in respect of any land within the tunnel area upon which stands any toll structure commencing from the date the construction works relating to such structure are approved under section 20.
*
(Amended, L.N. 307/84)
12. The works area shall be made available to the Company during the construction works on such conditions as may be agreed upon between the Government and the Company.
13. The Company shall pay to the Government the sum of 12 million dollars by way of contribution to the expenses incurred by the Government in the construction of roads and other engineering works which would not otherwise be required or would cost less if the tunnel were not constructed. Such sum shall be paid in such manner and at such time as may be agreed between the Government and the Company.
Royalty payments
14. (1) Subject to this section, the Company shall pay to the Government a royalty of 121 per cent of the operating receipts during the continuance of the grant:
Provided that-
(a) during the 10-year period following the operating date* the Governor may authorize the Company to pay a reduced royalty of not less than 7 per cent of the operating receipts in respect of any financial year;
(b) the difference between the amount of royalty payments due at 124 per cent and any such reduced royalty payments shall be credited to the Government in the books of the Company and the balance on this account at the end of each quarter shall earn compound interest calculated at the rate of 13 per cent per quarter;
(c) the amount constituting any such difference, and any interest due in respect thereof, may be paid in such instalments and at such times as may be agreed between the Government and the Company but shall be fully paid by the Company to the Government at least 5 years prior to the expiration of the period of grant.
Government to
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retain rights over tunnel area and works area.
Annual rent for toll structures.
Works area to be made available to Company.
Contribution to
cost of road
works.
Royalty.
(*3.8.72-
see G.N. 1852/72.)
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