1986 Ed.]
Eastern Harbour Crossing
[CAP. 215
13
(c) "shares" means the ordinary voting shares of the Road Company.
14. For the purposes of Part VI of the Inland Revenue Ordinance---
(a) the Road Company shall throughout the continuance of the franchise granted by section 4(1) be deemed to be the owner of and to have the relevant interest in the works which it has the right to keep in place under section 4(1)(c);
(b) the Rail Company shall throughout the continuance of the franchise granted by section 5(1) be deemed to be the owner of and to have the relevant interest in the works which it has the right to keep in place under section 5(1)(b);
(c) upon the assignment of the benefit of the franchise granted under section 5(1) to the Eastern Harbour Crossing Company Limited under section 7(1), any capital expenditure, as defined for the purposes of Part VI of the Inland Revenue Ordinance, incurred by the New Hong Kong Tunnel Company Limited (being then the Rail Company) on the works referred to in paragraph (b) shall be deemed to have been incurred by the Eastern Harbour Crossing Company Limited at the time of the assignment:
Provided that any allowance granted under that Part in respect of the expenditure deemed to have been incurred shall be reduced by any allowance granted under that Part to any other person in respect of the same expenditure.
Tax provisions. (Cap. 112.)
(Cap. 112)
PART V
DUTIES OF THE ROAD COMPANY AND THE GOVERNMENT IN CARRYING OUT THE PROJECT
15. (1) The Road Company shall, at its own expense, carry out the construction works in accordance with the project agreement and this Ordinance and within the period specified in section 17.
(2) For the purposes of section 5(1)(a) any railway works constructed by the Road Company in pursuance of the duty imposed by this section shall be deemed to have been carried out on behalf of and for the benefit of the Rail Company, and nothing in subsection (1) of this section shall prevent the expense referred to in that subsection being apportioned between the Road Company and the Rail Company in such reasonable manner as they may agree.
16. (1) The Road Company shall not commence the construction works before such date as may be agreed between the Director and the Road Company or, in the absence of agreement, as the Director may determine.
Construction works to be carried out at the expense of the Road Company.
Start of construction.
1986 Ed.]
Eastern Harbour Crossing
[CAP. 215
13
(c) "shares" means the ordinary voting shares of the Road
Company.
14. For the purposes of Part VI of the Inland Revenue Ordinance---
(a) the Road Company shall throughout the continuance of the franchise granted by section 4(1) be deemed to be the owner of and to have the relevant interest in the works which it has the right to keep in place under section 4(1)(c);
(b) the Rail Company shall throughout the continuance of the franchise granted by section 5(1) be deemed to be the owner of and to have the relevant interest in the works which it has the right to keep in place under section 5(1)(b);
(c) upon the assignment of the benefit of the franchise granted under section 5(1) to the Eastern Harbour Crossing Com- pany Limited under section 7(1), any capital expenditure, as defined for the purposes of Part VI of the Inland Revenue Ordinance, incurred by the New Hong Kong Tunnel Company Limited (being then the Rail Company) on the works referred to in paragraph (6) shall be deemed to have been incurred by the Eastern Harbour Crossing Company Limited at the time of the assignment:
Provided that any allowance granted under that Part in respect of the expenditure deemed to have been incurred shall be reduced by any allowance granted under that Part to any other person in respect of the same expenditure.
Tax provisions. (Cap, 112.)
(Cap. 112)
PART V
DUTIES OF THE ROAD COMPANY AND THE GOVERNMENT IN CARRYING OUT THE PROJECT
15. (1) The Road Company shall, at its own expense, carry out the construction works in accordance with the project agreement and this Ordinance and within the period specified in section 17.
(2) For the purposes of section 5(1)(a) any railway works constructed by the Road Company in pursuance of the duty imposed by this section shall be deemed to have been carried out on behalf of and for the benefit of the Rail Company, and nothing in subsection (1) of this section shall prevent the expense referred to in that subsection being apportioned between the Road Company and the Rail Company in such reasonable manner as they may agree.
16. (1) The Road Company shall not commence the construc- tion works before such date as may be agreed between the Director and the Road Company or, in the absence of agreement, as the Director may determine.
Construction works to be carried out at the expense of the Road Company.
Start of construction.
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