Hong Kong Ordinances

WESTERN HARBOUR CROSSING ORDINANCE - SECT 7

Mortgages and charges

(1) The Company may provide security as regards the payment or repayment of
any moneys owing by it under any agreement or arrangement entered into for the
purpose of obtaining moneys-

   (a)  to finance-

        (i)    the designing, carrying out or completion of the construction 
               works;

        (ii)   any undertaking relating to any obligation imposed on the
               Company by or under this Ordinance or the project agreement; or

   (b)  for such other purposes as the Financial Secretary may permit by prior
        notice in writing to the Company, by mortgaging or otherwise charging
        any right conferred on it under this Ordinance, or by a similar
        arrangement and the consent of the Governor in Council shall not be
        required for any such mortgage, charge or arrangement.

(2) A mortgage or other charge referred to in subsection (1) in so far as it
relates to a right conferred on the Company shall not be enforced, whether by
order of any court or otherwise, except with the prior consent of the Governor
in Council and in accordance with the terms or conditions of such consent.

(3) Without affecting the generality of any power of the Governor in Council
under subsection (2), the Governor in Council may, under that subsection,
consent to an enforcement which will have the effect of transferring the
franchise from the person who was the Company immediately before such
enforcement, to another person.

(4) Subsection (2) and section 6(1) shall not apply to any mortgage of, charge
on or other arrangement relating to, the right of the Company to receive the
tolls under Part VIII or the whole or any part of the Company's revenue from
such tolls, and which secures any debt or obligation of the Company.

(5) Where the Governor in Council has consented to any enforcement under
subsection (2), and such enforcement has had the effect described in
subsection (3), the Secretary shall give notice in the Gazette of the date of
such transfer and the name of the person to whom the franchise was so
transferred. (Enacted 1993)