1964_TATE_S_CAIRN_TUNNEL_ORDINANCE — Page 8

1988 Ed.]

Tate's Cairn Tunnel

[CAP. 393

7

Effect of franchise

5. The franchise shall include all wayleaves and other rights necessary to render such franchise effective but, subject thereto, nothing in that section shall be construed as conferring on the Company any title, right or interest in the land on which the construction works are, or are to be, constructed.

PART III

ASSIGNMENTS, MORTGAGES, ETC.

Prohibition on assignment, etc. of franchise rights

6. (1) Subject to section 7 the Company shall not assign, subgrant, underlet or otherwise dispose of its rights under this Ordinance or enter into any agreement for such disposal except with the prior consent of the Governor in Council and in accordance with the terms of his consent:

Provided that where such disposal is necessary or desirable to enable effect to be given to any arrangements entered into for the purpose of complying with any notice given under section 46 and the Governor in Council is satisfied that

(a) the arrangements are adequate for the purpose; and

(b) the person to whom the rights are to be disposed is a person in whom such rights may properly be vested or to whom such rights may properly be transferred,

such consent shall not be withheld.

(2) The Secretary shall give notice in the Gazette of the date of any disposal authorized under subsection (1), the name of the person to whom the rights are disposed, the nature of the disposal and the date thereof.

Mortgages and charges

7. (1) Nothing in section 6 shall prevent the Company from securing the payment or repayment of any moneys owing by it under any agreement or arrangement entered into for the purpose of providing moneys to finance-

(a) the designing and carrying out of the construction works;

(b) the undertaking of any obligation imposed on the Company by this Ordinance or the project agreement; or

(c) such other purposes as the Financial Secretary may, by prior notice in writing to the Company, permit,

by means of any assignment by way of mortgage or other charge or similar arrangement of the rights granted to it under this Ordinance:

Provided that no such mortgage or charge in so far as it relates to such rights, shall be enforced, whether by order of any court or otherwise, except with the consent of the Governor in Council and in accordance with the terms of his consent.