(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 [F2to 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)[F3The 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 [F4the 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 [F4Company or, as the case may be,]Group,
shall not exceed—
[F5(i)for the Bus Company, [F6the limit mentioned in subsection (4) of this section];]
(ii)for the Scottish Group, £50 million.
F7[F8(4)The limit referred to in subsection (3)(i) of this section is £250 million or such greater sum not exceeding £275 million as the Secretary of State may specify by order.
(5)No order shall be made under subsection (4) of this section unless a draft of the order has been laid before and approved by resolution of the House of Commons.]]]
Textual Amendments
F1S. 27 repealed (S.) (7.6.2002) by S.S.I. 2002/263, art. 5(2), Sch.
F2Words in s. 27(1) repealed (G.B.) (1. 4. 1991) by S.I. 1991/510, reg. 5, Sch.
F3Words in s. 27(2) repealed (G.B.) (1. 4. 1991) by S.I. 1991/510, reg. 5, Sch.
F4Words in s. 27(3) repealed (G.B.) (1. 4. 1991) by S.I. 1991/510, reg. 5, Sch.
F5S. 27(3)(i) repealed (G.B.) (1. 4. 1991) by S.I. 1991/510, reg. 5, Sch.
F6Words substituted by Transport (Finance) Act 1982 (c. 6, SIF 102), s. 4(2)
F7S. 27(4)(5) repealed (G.B.) (1. 4. 1991) by S.I. 1991/510, reg. 5, Sch.
F8S. 27(4)(5) added by Transport (Finance) Act 1982 (c. 6, SIF 102), s. 4(3)