(1) At any time or times during the franchise period, but not later than 5 years before the expiry of that period, the Corporation may apply to the Chief Executive in Council for an extension of the franchise.
(2) An application for extension of the franchise under this section-
(a) shall be made by notice to the Secretary; and
(b) shall be accompanied by all materials that the Corporation wishes to put forward in support of the application.
(3) The Secretary shall submit to the Chief Executive in Council a report setting out his recommendation as to whether, having regard to all relevant considerations (including the operation by the Corporation of the TSA bus service during the franchise period and any provision of the operating agreement relating to the extension of the franchise), the Corporation's franchise should be extended. (Amended 11 of 2007 s. 7)
(4) The Chief Executive in Council may approve an extension of the franchise, but shall only do so if he is satisfied that the Corporation is capable of maintaining a proper and efficient service under this Ordinance and the operating agreement.
(5) Notice of any extension of the franchise granted under this section shall be published in the Gazette.