(1)Sections 44 to 49 of the Act of 1962 (which relate to the control of passenger fares in London by the Transport Tribunal) shall cease to have effect and, subject to the provisions of this Act, the powers conferred by section 43 of that Act shall be exercisable accordingly.
(2)During the period between the appointed day for the purposes of subsection (1) of this section and the vesting date, the London Board shall not make any alteration in the general level or structure of the fares to be charged for the time being for the carriage of passengers by the Board or any subsidiary of theirs unless their proposals for that alteration have been submitted to and approved by the Minister; and the Minister may direct the Board to cause any such alteration approved by him to be published in such manner as he may determine; and for the purposes of section 11(2)(d) and (3) of this Act the general level and structure of the fares aforesaid in force at the vesting date shall be deemed as from that date to have been submitted by the Executive to and approved by the Council.
(3)Any approval of the Minister under subsection (2) of this section shall be given in writing and may be given for any case or description of cases specified in the approval, or may be general, and may be given subject to conditions.
(4)For the purposes of subsection (2) of this section, subsection (2) of section 41 of this Act shall have effect as if there were substituted—
(a)for any reference to the Executive a reference to the London Board; and
(b)for any reference to the Council a reference to the Minister;
and subsection (3) of that section shall apply to any direction given to the London Board by the Minister under subsection (2) of this section or under subsection (2) of that section as applied by this subsection as it applies to a direction given to the Executive by the Council and accordingly as if for the relevant references in the said subsection (3) to the Council and the Executive there were substituted references respectively to the Minister and the London Board.
(5)As from the appointed day for the purposes of subsection (1) of this section, the division of the Transport Tribunal which under section 57(2) of the Act of 1962 is to be known as the London Fares and Miscellaneous Charges Division shall be known as the Railway Rates Division.