Foreign trade zones (or free ports)

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Monograph

Identifikator:: 1801857903

URN:: urn:nbn:de:zbw-retromon-199077

Document type:: Monograph

Title:: Foreign trade zones (or free ports)

Place of publication:: Washington

Publisher:: United States Government Printing Off.

Year of publication:: 1929

Scope:: IX, 322 S; Ill., graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part 2. The free ports of Europe

Collection:: Economics Books

36 , FOREIGN TRADE ZONES ArT. 3. In order that the installation of the port and the railroads mentioned in articles 1 and 2 may be carried out it is necessary that a company with a bonded capital of 4,000,000 kroner be formed within four months after the pro- mulgation of the law to take over the construction and equipment of the port. By equipment is understood the warehouses, cranes, railroad, ete. It will also defray the expenses of the upkeep of the construction work by the port authori- ties in the free port. This construction work (referred to in art. 1) will be determined in detail by the secretary of the interior. In exchange for these obligations the company will take over the exploitation of the free port for 80 years, but the State may terminate the concession at any time after 25 years have expired. The company will collect the wharfage duties of the free port during the period of the concession. (See art. 9.) The secretary of the interior, who is authorized to award the concession mentioned for the period indicated, shall stipulate in the concession that no other concessions will be awarded for the installation and exploitation of a free port within the limits of the port of Copenhagen during the period of exploitation. In the concessions it shall be stipulated: (a) That the company must have its principal seat of business in Copen- hagen. } (b) That all the directors must be Danish subjects. (¢) That the company must furnish security, by means of a deposit or in any other satisfactory way, that the sum of 4,000,000 kroner (allowing a de- duction for the expenses caused by the formation of the company, as well as the loss of the interest during the time elapsed since the formation of the com- pany until the whole port is open for exploitation, as will be later on deter- mined by the secretary of the interior) is at any and all times available to carry put the buildings and constructions that may be indicated in detail by the secretary of the interior in accordance with this law. (d) That of the net yearly income one-half is to go to the port commission and the remainder to the company until it receives a yearly interest of 4 per cent of the capital invested in the construction. Any resulting surplus will be divided in the proportion of 4 to 1 between the port commission and the com- pany until the port commission also receives for the same year an interest of 4 per cent on its total capital invested in the improvements made by it, the value of the latter to be fixed by the secretary of the interior. Should there still be a surplus, it will be divided in equal parts between the port commission and the company. , The concession will also stipulate the amounts to. be set aside for the amor- tization and reserve fund to be created by the company. After 25 years of exploitation the State will have the right at any time to demand of the company all the property and the accumulated reserve fund and appropriate the same for transfer to the port commission. In this event the State or the port commission (besides taking over the bonded debt of the company, contracted with the consent of the Secretary of the Interior) will pay to the bondholders the value of the bonds as quoted on the Copenhagen Stock Exchange during the last 10 years. The average of each year will be obtained by taking one-half of the total sum of the maximum and minimum averages of the quotations for each month. Bondholders will at no time be required to zive up their bonds at less than par nor can they demand a quotation in excess of 125 kroner for every 100 kroner. The company must furnish an annual documentary accounting of its expend- itures to the Rigsdag for its approval. Three years after the opening of the ‘ree port to exploitation the secretary of the interior may, with the consent of

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