1964_EASTERN_HARBOUR_CROSSING_ORDINANCE — Page 38

1986 Ed.]

Eastern Harbour Crossing

[CAP. 215

37

(4) In this section "financier" means any person who has provided credit or agreed to act as surety or guarantor for or otherwise provided financial support to the Road Company or the Rail Company for the purposes of the project or to enable either company to carry out its obligations under this Ordinance, the project agreement or the operating agreement.

(5) The arrangements referred to in subsection (2) may, without derogation from the generality of that subsection, include arrangements for the disposal of the rights of the Road Company or, as the case may be, the Rail Company under this Ordinance, to another person in accordance with section 9.

69. (1) If

(a) the Secretary has reported to the Governor in Council that there has been a failure to comply with a notice served by him under section 68(2); or

(b) it appears to the Governor in Council that---

(i) at any time prior to the discharge date, the Road Company is in default; or

(ii) on or after the discharge date, the Road Company or the Rail Company is in default,

the Governor in Council may direct the Secretary to serve a notice under subsection (2).

(2) The notice referred to in subsection (1) shall-

(a) if given in relation to a default arising before the discharge date, be served on the persons specified in section 68(2)(a); and

(b) if given in relation to a default arising on or after the discharge date, be given to the persons specified in section 68(2)(b),

and shall specify whether it is given under subsection (1)(a) or (b) and, if given under subsection (1)(a), give particulars of the notice referred to in that subsection and brief particulars of the report of the Secretary and, if given under subsection (1)(b), specify the nature of the default, and shall require

(i) the Road Company, in the case of a failure or default specified in subsection (1) occurring prior to the discharge date; and

(ii) the company concerned, in the case of a failure or default specified in subsection (1) occurring on or after the discharge date,

to show cause in writing to the Governor in Council, within 28 days after the date of the service why he should not exercise his powers under subsection (4).

Revocation of the grant.