1964_TATE_S_CAIRN_TUNNEL_ORDINANCE — Page 24

1988 Ed.]

Tate's Cairn Tunnel

[CAP. 393

23

(b) if given in relation to a default arising on or after the discharge date, be given to the persons specified in section 46(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 the Company 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).

(3) Any person upon whom a notice is served under subsection (2) and any other person who is a shareholder of the Company or a financier within the meaning of section 46 may, within the period specified in subsection (2), or such further period as the Governor in Council may allow, make representations to the Governor in Council, to show cause why the Governor in Council should not exercise his powers under subsection (4).

(4) After considering any representations made under subsection (3) and if the Governor in Council is of the opinion that insufficient cause has been shown why the Governor in Council should not exercise his powers under this section, the Governor in Council may by order-

(a) where it appears to the Governor in Council that a notice should have been served under section 46 and was not, or the terms of any notice served were unreasonable, direct the Secretary to serve a notice or, as the case may be, a further notice, under that section in such terms as the Governor in Council may determine unless it appears to the Governor in Council that the default is no longer capable of being remedied; or

(b) in any other case, revoke the franchise.

(5) Where the Governor in Council exercises his powers under subsection (4) he may further order that the franchise revoked be regranted to such other person (being a person willing and able to accept such re-grant) on such terms and conditions, being terms and conditions consistent with this Ordinance, as he may think fit, and upon the publication of that order in the Gazette such franchise shall vest in such other person and the provisions of this Ordinance shall apply to such person as being the Company.

(6) An order made under-

(a) subsection (4)(a) shall be directed to the Secretary and a copy thereof shall be attached to the Secretary's notice under section 46(2);

(b) subsection (4)(b) shall be served on-

(i) the Company and the guarantors if the default takes place prior to the discharge date; or

(ii) the Company in any other case,

and shall, as soon as practicable thereafter, be published in the Gazette.

Effect of winding up of the Company, termination of franchise, etc.

48. (1) All rights and obligations of the Company under this Ordinance shall determine on-