Transport (London) Act 1969

39 Dissolution of London Board

(1) The London Board shall cease to exist on the vesting date.

(2) The Executive shall prepare a statement, in such form, and containing such particulars, compiled in such manner, as the Minister may with the approval of the Treasury direct, of the London Board's accounts for the period from the end of that dealt with in the last annual statement of accounts published by the London Board down to the vesting date.

(3) The Minister shall arrange that an auditor or auditors of the accounts aforesaid are appointed under section 24(2) of the Act of 1962 and the auditor or auditors so appointed shall, if the audit is not completed on the vesting date, continue and complete the audit after the vesting date; and any liability to pay the remuneration of the auditor or auditors so appointed outstanding on the vesting date shall be transferred to the Executive.

(4) The Executive shall as soon as may be after the vesting date make to the Minister a report on the exercise and performance by the London Board of their functions during any period since that dealt with in the last report made by the London Board under section 27(8) of the Act of 1962, and that report by the Executive—

(a) shall include a copy of the statement of accounts prepared under subsection (2) of this section and of the report on that statement made by the auditor or auditors appointed in pursuance of subsection (3) of this section; and

(b) shall set out any directions given by the Minister to the London Board during that period, unless the Minister has notified to the London Board or the Executive his opinion that it is against the interests of national security to do so; and

(c) shall include a statement of the salary or fees and emoluments of each of the members of the London Board during that period;

and the Minister shall lay a copy of that report before each House of Parliament.

(5) Any liability of the London Board in respect of payments by way of interest on, or the repayment of, the commencing capital debt of the Board under section 39 of the Act of 1962 or any sums lent to that Board by the Minister under section 20 of that Act, being payments in respect of a period before the vesting date which are outstanding at that date, shall be transferred to the Executive.

(6) As from the vesting date, the Minister may make to the Executive any payment under section 3 of the [1966 c. 32.] Selective Employment Payments Act 1966 which, as the designated Minister for the purposes of that section, he was authorised to make to the London Board and which had not been so made at that date.