Montagu Beach Hotel Act - The Bahamas Laws On-Line

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MONTAGU BEACH HOTEL [IV – 91including the cost of auditing the books of the Committeeand of maintaining the insurances mentioned in clause 1(c)of the Agreement set forth in the Schedule to TheWaterloo Hotel Company Limited Confirmation ofAgreement Act.(2) After payment of the expenses as provided insubsection (1) of this section the Committee shall pay tothe Treasurer the balance of all monies in hand at theexpiration of the appointed period, and such monies shallbe disposed of as provided in clauses 4 and 5 of theAgreement set forth in the Schedule to this Act.(3) The Committee shall keep proper books ofaccounts and such accounts shall be audited at thetermination of the appointed period by such competentauditor as may be agreed upon between the Governor inCouncil and the Committee and appointed by theCommittee.(4) (a) The Committee shall prepare and keep aninventory of the furniture, effects, utensils and thingstogether with all fixtures and fittings in the Hotel and suchinventory shall be deemed to be inventory of the Companyfor the purposes of the second schedule to the Indenture ofMortgage dated the 4th day of December, 1937, and madebetween The Waterloo Hotel Company Limited, of the onepart, and The Treasurer of the Bahama Islands, of the otherpart, and recorded in the Registry of Records in Book F14,at pages 212 to 218.(b) In lieu of preparing an inventory the Committeemay adopt any existing inventory as correct and keep thesame for the purpose of this subsection(5) At the expiration of the appointed period theCommittee shall deliver up possession of the Hotel to theCompany in good condition and repair, fair wear and tearexcepted. For the purpose of this subsection “fair wear andtear” shall include breakages or deficiencies of crockery orsimilar small or fragile articles.5. In the event of the operation of the Hotel notearning in the appointed period sufficient revenue to payfor the expenses of such operation the Treasurer shall paythe Committee the amount of such insufficiency.6. The agreement made on the 14th day of November1940, set forth in the Schedule to this Act is herebyconfirmed.3 of 1938.Treasurer to beliable for deficitupon operation ofhotel.Confirmation ofAgreement.–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––[Original Service 2001]STATUTE LAW OF THE BAHAMAS
IV – 92]MONTAGU BEACH HOTEL19 of 1926.19 of 1926.3 of 1938.3 of 1938.SCHEDULEBAHAMA ISLANDS,NEW PROVIDENCE.AN AGREEMENT made on the 14th day of November, 1940,BETWEEN The Waterloo Hotel Company Limited, a companyincorporated under the laws of the Bahama Islands and having itsregistered office at number 443 on the north side of Bay Street inthe City of Nassau, in the Island of New Providence, one of theBahama Islands (hereinafter together with its successors and assignsreferred to as the Company) of the one part AND The Treasurer ofthe Bahama Islands, a corporation sole under and by virtue of theThe Treasurer Corporation Sole Act for and on behalf of theGovernment of the Bahama Islands (hereinafter together with hissuccessors in office referred to as the Government) on the otherpart:WHEREAS by an Indenture of Mortgage dated the 4th dayof December, 1937, made between the Company, of the one partAND The Treasurer of the Bahama Islands, for and on behalf ofthe Government of the Bahama Islands, of the other part, inconsideration of the sum of Two Hundred and Twenty ThousandPounds (£220,000) and a further sum of Five Thousand Pounds(£5,000) due by the Company to the Treasurer the Companyconveyed to the Treasurer subject to the equity of redemptionthe property set forth in the first and second schedules to the saidIndenture, hereinafter referred to as “the Hotel.”AND WHEREAS the terms and conditions upon which theCompany should operate the Hotel and diverse other mattersrelating thereto were agreed upon between the parties hereto by anAgreement (hereinafter referred to as the principal Agreement) setforth in the schedule to The Waterloo Hotel Company LimitedConfirmation of Agreement Act 1937.AND WHEREAS in accordance with the provisions of clause1(a)(i) of the principal Agreement the Company has satisfied theGovernment before the 1st day of October, 1940, that it is unlikelyto be able to operate the Hotel during the ensuing season withoutincurring substantial loss.NOW it is HEREBY AGREED BETWEEN THE PARTIESHERETO AS FOLLOWS:1. The Hotel during the period hereinafter provided shall beoperated by a Committee of three persons, consisting of GeorgeMurphy, Esquire, as Chairman and two other persons, to beappointed by the Government and any vacancy caused by the deathor retirement of the Chairman or of a member of the Committeeshall be filled by such other person as the Government mayappoint.STATUTE LAW OF THE BAHAMAS [Original Service 2001]
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