C-42 - Timber-Driving Companies Act

Section 47 Disposition versions

1977-12-31

47. The tolls for the first year shall be calculated upon the estimates hereinbefore required to be made of the cost of the works, and the quantity of different kinds of timber expected to pass down the stream; and the tolls in all future years shall be calculated upon the cost of the works and the quantity of different kinds of timber expected to pass down the stream, and the receipts and expenditure, according to the accounts of the then next preceding year, as rendered in accordance with sections 27 and 28.

The tolls shall be so calculated that, after defraying the necessary cost of maintaining and superintending the works and collecting the tolls, the balance of the receipts may, as nearly as possible, be equal to and in no case shall exceed ten per cent of the capital expended and invested in the said works.

If, in any year, the receipts from tolls be such that, after defraying all the current expenses, there remain a clear profit of more than ten per cent of the capital expended, there shall nevertheless be divided amongst the shareholders no greater dividend than at the rate of ten per cent, and the remainder shall be carried over to the receipts of the following year.

R. S. 1964, c. 96, s. 47.