9. Direction to Financial Secretary to purchase land and property belonging, etc. to licensee, etc.
(1) Where a notice is served under section 8(1)(a) or (b) in respect of a licence, or notice of a decision to revoke a licence is served under section 32(4) of this Ordinance, the Chief Executive in Council may direct The Financial Secretary Incorporated to purchase any property (including land) belonging to and used or kept by the licensee—
- (a) for the purpose of the licence; and
- (b) during the period of validity of the licence.
(2) Where a notice is served under section 32(4) of this Ordinance or section 8, then, not later than 12 months beginning on the date the notice is served, The Financial Secretary Incorporated shall do the following—
- (a) where the property is land, purchase the entirety of the land or acquire a lease or a licence over the land for a period not exceeding 2 years;
- (b) in the case of any other property, purchase the entirety of the property or acquire a licence to use the property for a period not exceeding 2 years.
(3) The consideration for the purchase of property under subsection (2) shall be an amount equal to the open market value of the property at the date of the decision not to extend or renew, or to revoke, as the case may be, the licence concerned as between a willing buyer and a willing seller but without regard to—
- (a) loss of profit;
- (b) goodwill;
- (c) the right of pre-emption;
- (d) the cost of related capital; and
- (e) all the property being placed on the market at the same time.
(4) In default of an agreement between The Financial Secretary Incorporated and a licensee as regards the consideration mentioned in subsection (3), the consideration shall be determined by arbitration under the Arbitration Ordinance (Cap. 341) and, for that purpose, The Financial Secretary Incorporated and the licensee shall be regarded as having made an arbitration agreement within the meaning of that Ordinance whose provisions shall be deemed to include a provision that that consideration shall, in the absence of agreement, be determined by a single arbitrator.
(5) Where any land is purchased under this section, the licensee concerned shall execute an assignment in favour of The Financial Secretary Incorporated and The Financial Secretary Incorporated shall register the assignment in the Land Registry within 30 days of the execution of the assignment.
(6) Any property, other than land, purchased under this section shall vest in The Financial Secretary Incorporated—
- (a) in the case of a decision not to extend or renew the licence concerned, upon the expiry of the licence after notice is served under section 8;
- (b) in the case of a decision to revoke the licence concerned under section 32 of this Ordinance, when the revocation takes effect or when an offer for the purchase is made by The Financial Secretary Incorporated, whichever is the later, and upon such vesting all the rights of the licensee in that property shall cease and determine.
(7) Nothing in this section shall be construed as conferring on a licensee any right to require The Financial Secretary Incorporated to purchase any property owned by the licensee.
(8) Where land is purchased under this section, The Financial Secretary Incorporated shall, within 30 days beginning on the date the land is purchased, register in the Land Registry by memorial a declaration that the land has been so purchased.
(9) For the purposes of this section, “licensee” (持牌人) includes any subsidiary of the licensee.
