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Chapter: | 393
 | Title: | TATE'S CAIRN TUNNEL ORDINANCE | Gazette Number: | |
| Section: | 7 | Heading: | Mortgages and charges | Version Date: | 30/06/1997 |
(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,
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.
(2) Nothing in section 6 or subsection (1) shall apply to any mortgage, charge, assignment or other arrangement entered into by the Company, which secures any debt or obligation of the Company upon the right to receive the tolls under Part VIII.
(3) Where the enforcement of any mortgage or charge to which subsection (1) applies has the effect of transferring the franchise from a person who was the Company, immediately prior to the transfer, to any other person who thereby becomes the Company, the Secretary shall give notice thereof in the Gazette.
(4) A notice under subsection (3) shall specify the name of such other person and the date of the transfer.
(Enacted 1988)