1964_TATE_S_CAIRN_TUNNEL_ORDINANCE — Page 23

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CAP. 393]

Tate's Cairn Tunnel

[1988 Ed.

Defaults capable of remedy

46. (1) This section shall apply in the case of any default where it appears to the Secretary that the default is capable of being remedied.

(2) In the case of any default to which this section applies, the Secretary shall serve

(a) in the case of a default prior to the discharge date, on-

(i) the Company;

(ii) the guarantors; and

(iii) any agent nominated under subsection (3); and

(b) in the case of a default on or after the discharge date, on-

(i) the Company; and

(ii) any agent nominated under subsection (3),

a notice calling upon the Company, within such time (being not less than 28 days) as may be specified in the notice or such further time as the Secretary may allow, being a time reasonable in the circumstances, to remedy the default or to take measures or make arrangements to the satisfaction of the Secretary to ensure that such default is remedied.

(3) Any financier or, where a financier is a member of a consortium of financiers, that consortium, may, for the purposes of subsection (2), at any time nominate to the Secretary an agent and specify an address for service of that agent in Hong Kong.

(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 Company for the purposes of the project or to enable the Company to carry out its obligations under this Ordinance or the project

agreement.

(5) The arrangements referred to in subsection (2) may, without deroga- tion from the generality of that subsection, include arrangements for the disposal of the rights of the Company to another person in accordance with section 6.

Revocation of the franchise

47. (1) If-

(a) the Secretary has reported to the Governor in Council that the Company has failed to comply with a notice served by him under section 46(2); or

(b) it appears to the Governor in Council that the 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 46(2)(a); and