Hong Kong Ordinances

WESTERN HARBOUR CROSSING ORDINANCE - SECT 58

Defaults capable of remedy

(1) This section shall apply in the case of any default which appears to the
Secretary to be capable of being remedied.

(2) In the case of any default to which this section applies, the Secretary
shall serve-

   (a)  in the case of a default arising before the discharge date, on-

        (i)    the Company;

        (ii)   the Guarantors; and

        (iii)  any agent appointed under subsection (3); and

   (b)  in the case of a default arising on or after the discharge  date, on-

        (i)    the Company; and

        (ii)   any agent appointed under subsection (3), a notice calling upon
               the Company, within such period (being not less than 28 days)
               as specified in the notice or such further period as the
               Secretary may allow, being a period reasonable in the
               circumstances, to remedy the default or to take measures or
               make arrangements to the satisfaction of the Secretary to
               ensure that such default is remedied.

(3) Any financier or, where a financier is a member of a consortium of
financiers, that consortium, may appoint an agent in Hong Kong for the
purposes of subsection (2), and notify the Secretary of the name of that agent
and address in Hong Kong for service on that agent.

(4) In this section "financier" (出資人) means any person who has provided
credit or agreed to act as surety or guarantor for or otherwise provided
financial support to the Company for the purpose of enabling the Company to
discharge its obligations under this Ordinance or the project  agreement but
shall not include a Guarantor or a shareholder of the Company.

(5) The arrangements referred to in subsection (2) may, without affecting the
generality of that subsection, include arrangements for the disposal of the
rights of the Company to another person in accordance with section 6. (Enacted
1993)

"financier" (出資人)