1989 Ed.]
Tramway
INSOLVENCY OF COMPANY
[CAP. 107
19
29. Proceedings in case of insolvency of company
If it appears to the Governor in Council that the company is insolvent, so that it is unable to maintain the tramway or work the same with advantage to the public, the Governor in Council may inquire into the financial affairs of the company, and if satisfied that the company is so insolvent as aforesaid, may by order declare that the powers of the company shall, at the expiration of 6 months from the making of the order, be at an end, and the powers of the company shall cease and determine at the expiration of the said period unless the same are purchased by the Government in manner by this Ordinance provided, and thereupon the Director may remove the tramway in like manner and subject to the same provisions as to the payment of the costs of such removal and to the same remedy for recovery of such costs in every respect as in cases of removal under section 28.
(Amended 50 of 1911; 1 of 1912 Schedule; 43 of 1912; G.N. 246 of 1913 Supp. Schedule; 5 of 1924 s. 8)
PURCHASE OF TRAMWAY
30. Purchase by Government of tramway
The Governor in Council may at the expiration of 50 years from 23 May 1902, or at the expiration of any subsequent period of 5 years, or at the expiration of 3 months after the making of any order under section 28 or 29, on giving to the company a notice in writing in manner following (Amended 50 of 1911; 1 of 1912 Schedule; 5 of 1924 s. 8; 33 of 1939 Schedule)
(a) at least 6 months' notice prior to the expiration of such 50 years;
(b) at least 6 months' notice prior to the expiration of any such subsequent period of 5 years;
(c) at least 2 months' notice prior to the expiration of such 3 months,
require the company to sell and thereupon the company shall sell to the Government its undertaking, and all lands, buildings, works, materials and plant of the company suitable to and used by the company for the purposes of its undertaking, for and in consideration of the then value of the same:
Provided that the value aforesaid shall be deemed to be the fair value at the time of the purchase, due regard being had to the cost of construction less depreciation, and to the then nature, condition and state of repair of the buildings, works, materials and plant, and to the fact that they are in such a condition and state of repair as to be ready for immediate working, and to the
Page 20
Page 21
20
CAP. 107]
1989 Ed.]
Tramway
INSOLVENCY OF COMPANY
[CAP. 107
19
29. Proceedings in case of insolvency of company
If it appears to the Governor in Council that the company is insolvent, so that it is unable to maintain the tramway or work the same with advantage to the public, the Governor in Council may inquire into the financial affairs of the company, and if satisfied that the company is so insolvent as aforesaid, may by order declare that the powers of the company shall, at the expiration of 6 months from the making of the order, be at an end, and the powers of the company shall cease and determine at the expiration of the said period unless the same are purchased by the Government in manner by this Ordinance provided, and thereupon the Director may remove the tramway in like manner and subject to the same provisions as to the payment of the costs of such removal and to the same remedy for recovery of such costs in every respect as in cases of removal under section 28.
(Amended 50 of 1911; 1 of 1912 Schedule; 43 of 1912; G.N. 246 of 1913 Supp. Schedule; 5 of 1924 s. 8)
PURCHASE OF TRAMWAY
30. Purchase by Government of tramway
The Governor in Council may at the expiration of 50 years from 23 May 1902, or at the expiration of any subsequent period of 5 years, or at the expiration of 3 months after the making of any order under section 28 or 29, on giving to the company a notice in writing in manner following (Amended 50 of 1911; 1 of 1912 Schedule; 5 of 1924 s. 8; 33 of 1939 Schedule)
(a) at least 6 months' notice prior to the expiration of such 50 years; (b) at least 6 months' notice prior to the expiration of any such
subsequent period of 5 years;
(c) at least 2 months' notice prior to the expiration of such 3 months, require the company to sell and thereupon the company shall sell to the Government its undertaking, and all lands, buildings, works, materials and plant of the company suitable to and used by the company for the purposes of its undertaking, for and in consideration of the then value of the same:
Provided that the value aforesaid shall be deemed to be the fair value at the time of the purchase, due regard being had to the cost of construction less depreciation, and to the then nature, condition and state of repair of the buildings, works, materials and plant, and to the fact that they are in such a condition and state of repair as to be ready for immediate working, and to the
Page 20Page 21
20
CAP. 107]
No comments yet.
Private notes are available after approval.