Transport Act 1968

27 Financial provisions with respect to Bus Company and Scottish Group

(1) Subject and without prejudice to the provisions of section 41 of this Act, the following provisions of the Act of 1962, namely—

(a) section 18 (financial duty of Boards);

(b) section 19 (borrowing powers of Boards);

(c) section 20 (loans out of National Loans Fund);

(d) section 21 (Treasury guarantees);

(e) section 24 (accounts),

shall apply to the Bus Company and to the Scottish Group as they apply to the Boards, except that any reference in those sections to the Minister shall, in relation to the Scottish Group, be construed as a reference to the Secretary of State.

(2) The Bus Company and the Scottish Group shall each assume a commencing capital debt in accordance with the provisions of Schedule 2 to this Act.

(3) The aggregate amount outstanding in respect of—

(a) the principal of any money borrowed by the Bus Company or, as the case may be, the Scottish Group, under section 19 of the Act of 1962, and

(b) the commencing capital debt of that Company or, as the case may be, Group,

shall not exceed—

(i) for the Bus Company, £130 million ;

(ii) for the Scottish Group, £50 million.