1964_EASTERN_HARBOUR_CROSSING_ORDINANCE — Page 13

12

CAP. 215]

Eastern Harbour Crossing

(Cap. 32.)

Minimum paid-up share capital.

The

Government's equity in the

Road Company.

[1986 Ed.

(2) The Governor shall have power, notwithstanding any provision of the Companies Ordinance or any other law, the memorandum or articles of the Road Company or other instrument, to appoint 2 directors to the board of the Road Company.

12. (1) On the road operating date the issued and fully paid-up share capital of the Road Company shall be-

(a) if no assignment has taken place under section 7(1), not less than $1,100,000,000; and

(b) if such assignment has taken place, not less than $750,000,000.

(2) On the road operating date the issued and fully paid-up share capital of the Rail Company shall be, if an assignment has taken place under section 7(1), not less than $350,000,000.

13. (1) The Government shall be entitled-

(a) prior to the event described in paragraph (b), to hold 5 per cent of the shares; and

(b) upon the opening for use by the public of a trunk road connexion from the vicinity of Shatin passing through a tunnel under or in the vicinity of Tate's Cairn to East Kowloon, to hold an additional 2.5 per cent of the shares.

(2) Within 14 days after the occurrence of a relevant event the Road Company shall procure the transfer of shares to the Government of sufficient shares to ensure that, upon such transfer, the Government holds the shares which, immediately after that event, it is by subsection (1) entitled to hold.

(3) Shares transferred to the Government under this section shall be fully paid up and free from encumbrances and shall be held on behalf of the Government by the Financial Secretary Incorporated.

(4) For the purposes of this section----

(a) shares shall be deemed to be held by the Government notwithstanding that, after they have been transferred to the Government under this section, the Government may subsequently have disposed of them;

(b) a "relevant event" takes place--

(i) on the commencement of this Ordinance;

(ii) at the time, prior to the event described in subsection (1)(b), when any shares additional to shares issued on or before such commencement are issued;

(iii) upon the event described in subsection (1)(b) taking place; or

(iv) on any change in the identity of the Road Company;