1988 Ed.]
Tate's Cairn Tunnel
[CAP. 393
25
(4). No amount shall be payable to the Company under subsection (2) upon the determination of the rights and obligations of the Company under section 48(1)(c) where the revocation of the franchise was on the grounds that the Company had failed or appeared likely to fail to complete the construction works within the period or extended period allowed by section 14.
Reimbursement of Company upon expiration of franchise
50. No compensation shall be payable by the Government to the Company upon the expiration of the period specified in section 4(2), save that the Government shall pay to the Company the reduced value of any machinery, equipment or plant forming part of the assets (such value being calculated in accordance with Part VI of the Inland Revenue Ordinance (Cap. 112)) purchased by the Company with the agreement of the Financial Secretary within the 5 years next preceding the expiration of the period of the franchise and owned by the Company on such expiration.
Government not liable for Company's debts
51. Any vesting of the assets of the Company in the Government under this Part shall not thereby render the Government liable for any debts of the Company.
Meaning of "assets”
52. In this Part, "assets" means the structure of the tunnel and all buildings, machinery, equipment and plant ancillary to the construction, operation and maintenance of the tunnel.
PART XI
SUPPLEMENTARY
Appeal by the Company
53. (1) If the Company is aggrieved by any decision to which this section applies it may within 14 days of the notification to it of that decision, or such longer period as the Governor may allow, appeal against such decision by giving written notice to the Governor that it appeals against such decision and in that notice specifying the grounds upon which the appeal is based.
(2) On receipt of a notice of appeal under subsection (1) the Governor-
(a) shall, if the appeal is against any decision of the Director and the failure of the appeal would result in the Company being held to be in default under Part X or if it appears to the Governor that this would be a probable result of such failure, refer the appeal to arbitration under the Arbitration Ordinance (Cap. 341);
(b) subject to paragraph (a) may, where it appears to him that the issues raised by the appeal are matters of engineering practice, questions of the interpretation of the project agreement or other matters appropriately referred to arbitration, refer the appeal to arbitration under the Arbitration Ordinance,
1988 Ed.]
Tate's Cairn Tunnel
[CAP. 393
25
(4). No amount shall be payable to the Company under subsection (2) upon the determination of the rights and obligations of the Company under section 48(1)(c) where the revocation of the franchise was on the grounds that the Company had failed or appeared likely to fail to complete the construction works within the period or extended period allowed by section 14.
Reimbursement of Company upon expiration of franchise
50. No compensation shall be payable by the Government to the Com- pany upon the expiration of the period specified in section 4(2), save that the Government shall pay to the Company the reduced value of any machinery, equipment or plant forming part of the assets (such value being calculated in accordance with Part VI of the Inland Revenue Ordinance (Cap. 112)) pur- chased by the Company with the agreement of the Financial Secretary within the 5 years next preceding the expiration of the period of the franchise and owned by the Company on such expiration.
Government not liable for Company's debts
51. Any vesting of the assets of the Company in the Government under this Part shall not thereby render the Government liable for any debts of the Company.
Meaning of "assets”
52. In this Part, "assets" means the structure of the tunnel and all buildings, machinery, equipment and plant ancillary to the construction, operation and maintenance of the tunnel.
PART XI
SUPPLEMENTARY
Appeal by the Company
53. (1) If the Company is aggrieved by any decision to which this section applies it may within 14 days of the notification to it of that decision, or such longer period as the Governor may allow, appeal against such decision by giving written notice to the Governor that it appeals against such decision and in that notice specifying the grounds upon which the appeal is based.
(2) On receipt of a notice of appeal under subsection (1) the Governor-
(a) shall, if the appeal is against any decision of the Director and the failure of the appeal would result in the Company being held to be in default under Part X or if it appears to the Governor that this would be a probable result of such failure, refer the appeal to arbitration under the Arbitration Ordinance (Cap. 341);
(b) subject to paragraph (a) may, where it appears to him that the issues
raised by the appeal are matters of engineering practice, questions of the interpretation of the project agreement or other matters appropri- ately referred to arbitration, refer the appeal to arbitration under the Arbitration Ordinance,
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