1989 Ed.]
Peak Tramway
[CAP. 265
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aforesaid and of the cost of sale, and the balance, if any, shall be paid to the company. (Amended 50 of 1911; 51 of 1911 s. 4; 62 of 1911 Schedule; 63 of 1911 Schedule; 8 of 1912 s. 25; 20 of 1948 s. 4; 26 of 1989 s. 8)
10. Proceedings in case of insolvency of company
If it appears to the Governor in Council that the company is insolvent, so that it is unable to maintain such tramway or work the same with advantage to the public, the Governor in Council may inquire into the financial affairs of the company, and if it appears that the company is so insolvent as aforesaid, he may, by order, declare that the powers of the company shall, at the expiration of 6 months from the making of the order, be at an end, and the powers of the company shall cease and determine at the expiration of the said period, unless the tramway is purchased by the Government in the manner provided by this Ordinance; and thereupon the Secretary for Transport may remove the tramway in like manner and subject to the same provisions as to the payment of the cost of such removal, and to the same remedy for recovery of such cost, in every respect as in cases of removal under section 9.
(Amended 50 of 1911; 51 of 1911 s. 4; 62 of 1911 Schedule; 63 of 1911 Schedule; 8 of 1912 s. 25; 5 of 1924 s. 8; 20 of 1948 s. 4; 26 of 1989 s. 8)
11. Purchase by Government of tramway
(1) The Governor in Council may, within 3 months after any order made by the Governor in Council under section 9 or 10, by notice in writing require the company to sell, and thereupon the company shall sell, to the Government its undertaking on the terms of paying the then value (exclusive of any allowance for past or future profits of the undertaking or any compensation for compulsory sale or other consideration whatsoever) of the tramway, and all lands, buildings, works, materials, and plant, suitable to and used for the purposes of its undertaking, such value to be, in cases of difference, determined upon petition to the court in a summary way:
Provided that, if on any such land the company shall have erected any building, or any portion of a building, for purposes other than its undertaking, such land and the whole of such building shall be deemed to be included in the undertaking unless the Governor in Council by notice in writing declares that such land and building shall be excluded from the sale. (Amended 50 of 1911; 51 of 1911; 62 of 1911 Schedule; 63 of 1911 Schedule; 8 of 1912 s. 25; 17 of 1935 s. 2; 20 of 1948 s. 4; 57 of 1986 s. 5)
(2) When any such sale has been made, all the rights, powers, and authorities of the company in respect of the undertaking sold, or, where any order has been made by the Governor in Council under section 9 or 10,
1989 Ed.]
Peak Tramway
[CAP. 265
7
aforesaid and of the cost of sale, and the balance, if any, shall be paid to the company. (Amended 50 of 1911; 51 of 1911 s. 4; 62 of 1911 Schedule; 63 of 1911 Schedule; 8 of 1912 s. 25; 20 of 1948 s. 4; 26 of 1989 s. 8)
10. Proceedings in case of insolvency of company
If it appears to the Governor in Council that the company is insolvent, so that it is unable to maintain such tramway or work the same with advantage to the public, the Governor in Council may inquire into the financial affairs of the company, and if it appears that the company is so insolvent as aforesaid, he may, by order, declare that the powers of the company shall, at the expiration of 6 months from the making of the order, be at an end, and the powers of the company shall cease and determine at the expiration of the said period, unless the tramway is purchased by the Government in the manner provided by this Ordinance; and thereupon the Secretary for Transport may remove the tramway in like manner and subject to the same provisions as to the payment of the cost of such removal, and to the same remedy for recovery of such cost, in every respect as in cases of removal under section 9.
(Amended 50 of 1911; 51 of 1911 s. 4; 62 of 1911 Schedule; 63 of 1911 Schedule; 8 of 1912 s. 25; 5 of 1924 s. 8; 20 of 1948 s. 4; 26 of 1989 s. 8)
11. Purchase by Government of tramway
(1) The Governor in Council may, within 3 months after any order made by the Governor in Council under section 9 or 10, by notice in writing require the company to sell, and thereupon the company shall sell, to the Government its undertaking on the terms of paying the then value (exclusive of any allowance for past or future profits of the undertaking or any compensation for compulsory sale or other consideration whatsoever) of the tramway, and all lands, buildings, works, materials, and plant, suitable to and used for the purposes of its undertaking, such value to be, in cases of difference, determined upon petition to the court in a summary way:
Provided that, if on any such land the company shall have erected any building, or any portion of a building, for purposes other than its undertaking, such land and the whole of such building shall be deemed to be included in the undertaking unless the Governor in Council by notice in writing declares that such land and building shall be excluded from the sale. (Amended 50 of 1911; 51 of 1911; 62 of 1911 Schedule; 63 of 1911 Schedule; 8 of 1912 s. 25; 17 of 1935 s. 2; 20 of 1948 s. 4; 57 of 1986 s. 5)
(2) When any such sale has been made, all the rights, powers, and authorities of the company in respect of the undertaking sold, or, where any order has been made by the Governor in Council under section 9 or 10,
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