No. 14. Electricity Supply. 1973.


to that Island, will be the rates prescribed by the Governor
with the concurrence of the Company and published in the
Gazette.
 (3) The Minister or the Company will be at liberty from
time to time to serve on the other of them a notice in writing
proposing that the tariff rates for the time being in force be
varied in the manner specified in the notice or in such other
manner as may be agreed in writing between them or as may be
determined by arbitration in accordance with the provisions of
sub-section (6) of this section.
 (4) If, during the period of 60 days following the ser-
vice by either the Minister or the Company of any such notice,
the other of them approves in writing the variation proposed
in the notice or both of them agree in writing some other varia-
tion, the variation so approved or agreed will take effect in the
manner prescribed in sub-section (7) of this section.
 (5) If, during the aforesaid period of 60 days following
the service bv either the Minister or the Company of any such
notice, the other of them fails to approve in writing the variation
proposed in the notice, or they fail to r gree in writing some other
variation, then, the nature of the variation (if any) will be
determined by a single arbitrator appointed in accordance with
the provisions of sub-section (1) of section 30.
 (6) In determining whether any or what variation of
the tariff rates should be made thP arbitrator shall have regard-
 (a) to the principle that the Company's revenues
 must be sufficient to enable the Company-
 ii (i) to meet all expenses incurred in the produc-
 tion of 3uch revenues, including depreciation
 of assets and interest on indebtedness, and
 (ii) to repay i's indebtedness, and
 (iii) to provide for such proportion of the cost of
 replacement of its assets as is not already
 provided under sub-paragraph (i) of this
 paragraph, and
 (iv) to provide a reasonable proportion of the
 capital cost of expanding its undertaking to
 meet any demand for an increased service
 to the public, and
 (v) to pay regular dividends on its share capital
 at a commercial rate; and