Schedule. (2), Cap. 287

ALL THAT PIECE OR PARCEL OF LAND situate in the City of Freetown in the Colony of Sierra Leone and bounded on the West by Fort Street, on the North by Price Street and on the North-east by Government Avenue the boundary whereof commencing at a Property Beacon marked SLS. 78/57/14 which beacon is situated on the eastern side, of Fort Street near its junction with Price Street runs on a bearing of 77° 06'-which bearing together with all further bearings hereinafter mentioned is referred to the Meridian of 12 degrees West longitude-along the southern side of Price Street for 225·4 feet to a Property Beacon marked PB. 614 and thence along the south-western side of Government Avenue on a bearing of 122° 43' for 147·2 feet to a Property Beacon marked PB. 612 and thence continuing along the south-western side of Government Avenue on a bearing of 126° 11' for 285·6 feet to a Property Beacon marked SLS. 78/57/15 and thence on a bearing of 227° 44' for 181·4 feet to a Property Beacon marked SLS. 78/57/16 and thence on a bearing of 272° 43' for 120·2 feet to a Property Beacon marked PB. 617 and thence on a bearing of 273° 33' for 139·2 feet to a Property Beacon marked WD5/SLS. 78/57/5 and thence on a bearing of 272° 51' for 109·7 feet to a Property Beacon marked WD6jSLS. 78/57/6 which beacon is situated on the eastern side of Fort Street and thence along the eastern side of Fort Street on a bearing of 00° 59' for 145·1 feet to a Property Beacon marked WD7 jSLS. 78/57/7 and thence continuing along the eastern side of Fort Street on a bearing of 334° 07' for 119·5 feet to a Property Beacon marked WDI/SLS. 78/57/1 and thence on a bearing of 335° 37' for 52·1 feet to the point of commencement thus enclosing an area of 3·0974 acres be all the same several dimensions little more or less as the same premises are more particularly delineated and shown edged Red on the Cadastral Plan No. LOB. 361 attached hereto. THE SECOND SCHEDULE hereinbefore referred to Exemptions and Reliefs referred to in Clause 2 (j). A. Relief from Customs duties on all materials furniture equipment utensils plant machinery and articles to be used in the construction furnishing equipping and fitting out of the Hotel, directly imported or released from bond. B. Exemption of the Company from all liabilities to income taxes of any kind for a period of at least five years from the date of the opening of the Hotel (such period being hereinafter referred to as " the tax holiday ") and exemption from tax liability for the recipients of dividends and interest paid by the Company and declared or payable in respect of the tax holiday or any part thereof; initial and annual allowances for income tax purposes to be granted to the Company, in respect of hotel building furniture plant machinery and equipment purchased during the tax holiday from the first day after the end thereof; all losses to be carried forward for tax purposes for a period of S.L.-VoL. V -45* 3376 Cap. 287] Freetown Hotel Limited Agreement (Ratification) six years; losses incurred by the Company during the tax holiday to be carried forward for a period of six years from the end thereof. C. The Corporation shall be entitled to set off the interest payable by the Corporation to the Government of the United Kingdom on all moneys borrowed by the Corporation for the purpose of this Agreement against all dividends and interest on Debentures received by the Corporation from the Company.