20
CAP. 230]
Public Bus Services
[1986 Ed.
Deductions from permitted return.
Depreciation.
Review of profit control scheme.
Powers of Financial
Secretary to require production of accounts, etc.
(4) Where in an accounting year-
(a) the operating receipts of a grantee are less than the aggregate of the amounts in respect of subsection (3)(a), (b) and (c); or (Amended, 30 of 1986, s. 3)
(b) only part of the permitted return has been deducted under
subsection (3),
the grantee shall, subject to subsection (5), deduct from the Development Fund-
(i) in the case of paragraph (a), the deficiency in the operating receipts and the entire amount of the permitted return; and
(ii) in the case of paragraph (b), such part of the permitted
return as has not been deducted under subsection (3).
(5) If in an accounting year there is no balance in the Development Fund, or the balance in the Development Fund is insufficient, for the purposes of subsection (4)(i) or (ii) as the case may be, the Financial Secretary may in writing permit the grantee to deduct from the Development Fund in subsequent years any amount due to it under that subsection in that accounting year.
29. (1) Subject to such conditions as may be specified in its franchise, there shall be deducted from the permitted return in each accounting year of a grantee-
(a) a charge at the rate specified in its franchise on the average of the opening and closing balances of the Development Fund in the accounting year; and
(b) interest at the rate specified in its franchise on all borrowed
capital of the grantee.
(2) Any amounts deducted under subsection (1)(a) shall be added to the Development Fund in the accounts of each accounting year and shall form part of the opening balance of the Development Fund in the next following accounting year.
30. Subject to such conditions as may be specified in its franchise, the annual rates of depreciation and the residual value in respect of the fixed assets of a grantee shall be as specified in its franchise.
31. The operation of the profit control scheme in respect of a grantee shall be reviewed by the Governor in Council every 2 years.
32. The Financial Secretary may require a grantee
(a) to produce to him, at such time and place as he may specify, such books and statements of account of the grantee; and
(b) to provide to him such information in relation to the public
bus service operations of the grantee,
as he may require.
20
CAP. 230]
Public Bus Services
[1986 Ed.
Deductions from permitted return.
Depreciation.
Review of profit control scheme.
Powers of Financial
Secretary to require production of accounts, etc.
(4) Where in an accounting year-
(a) the operating receipts of a grantee are less than the aggregate of the amounts in respect of subsection (3)(a), (b) and (c); or (Amended, 30 of 1986, s. 3)
(b) only part of the permitted return has been deducted under
subsection (3),
the grantee shall, subject to subsection (5), deduct from the Develop- ment Fund-
(i) in the case of paragraph (a), the deficiency in the operating receipts and the entire amount of the permitted return; and (ii) in the case of paragraph (b), such part of the permitted
return as has not been deducted under subsection (3).
(5) If in an accounting year there is no balance in the Develop- ment Fund, or the balance in the Development Fund is insufficient, for the purposes of subsection (4)(i) or (ii) as the case may be, the Financial Secretary may in writing permit the grantee to deduct from the Development Fund in subsequent years any amount due to it under that subsection in that accounting year.
29. (1) Subject to such conditions as may be specified in its franchise, there shall be deducted from the permitted return in each accounting year of a grantee-—
(a) a charge at the rate specified in its franchise on the average of the opening and closing balances of the Development Fund in the accounting year; and
(b) interest at the rate specified in its franchise on all borrowed
capital of the grantee.
(2) Any amounts deducted under subsection (1)(a) shall be added to the Development Fund in the accounts of each accounting year and shall form part of the opening balance of the Development Fund in the next following accounting year.
30. Subject to such conditions as may be specified in its franchise, the annual rates of depreciation and the residual value in respect of the fixed assets of a grantee shall be as specified in its franchise.
31. The operation of the profit control scheme in respect of a grantee shall be reviewed by the Governor in Council every 2 years.
32. The Financial Secretary may require a grantee (a) to produce to him, at such time and place as he may specify, such books and statements of account of the grantee; and
(b) to provide to him such information in relation to the public
bus service operations of the grantee,
as he may require.
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