(1)For the purpose of implementing the policies which it is the duty of the Council under section 1 of this Act to develop, there shall be constituted a public authority to be called the London Transport Executive who shall be a body corporate with perpetual succession and a common seal and shall consist of—
(a)a chairman appointed by the Council; and
(b)not less than four nor more than ten other members appointed by the Council after consultation with the chairman of the Executive.
(2)The chairman and other members of the Executive shall be appointed by the Council from among persons who appear to the Council to have had wide experience of, and shown capacity in, transport, industrial, commercial or financial matters, administration, applied science, or the organisation of workers.
(3)Before appointing a person to be a member of the Executive, the Council shall satisfy themselves that he will have no such financial or other interest as is likely to affect prejudicially the discharge by him of his functions as a member of the Executive, and the Council shall also satisfy themselves from time to time with respect to every member of the Executive that he has no such interest; and any person who is, or whom the Council propose to appoint to be, a member of the Executive shall, whenever requested by the Council so to do, furnish to the Council such information as the Council consider necessary for the performance by the Council of their duties under this subsection.
(4)The Executive—
(a)shall pay to the members thereof such salaries or fees, and such allowances, as the Council may from time to time determine, and
(b)as regards any of the members in whose case the Council determine that such provision should be made, shall pay such pensions to or in respect of those members, or enter into and carry into effect agreements or arrangements with some other person for securing or preserving such pension rights for those members, as the Council may determine ;
and if a person ceases to be a member of the Executive, otherwise than on the expiration of his term of office, and it appears to the Council that there are special circumstances which make it right that that person should receive compensation, the Council may require the Executive to pay to or in respect of that person a sum of such amount as the Council may determine.
(5)Section 15 of the [1953 c. 25.] Local Government Superannuation Act 1953 (which enables local authorities to admit to their superannuation schemes employees of statutory undertakers) and section 6(1)(k) of this Act shall have effect as if members of the Executive were employees of the Executive; but where a member of the Executive is admitted to participate in the benefits of a superannuation fund maintained by a local authority or of a pension fund or scheme in which employees of the Executive or any subsidiary of theirs participate—
(a)subsection (4)(b) of this section shall not apply to him; and
(b)the Executive shall make any payments which are required to be made in respect of him to the superannuation fund by the employing authority or, as the case may be, to the pension fund or under the pension scheme by the employer, and may make from his remuneration any deductions which the employing authority or, as the case may be, the employer might make in respect of his contributions to that fund or under that scheme if he were an employee of the Executive.
(6)So much of subsection (4) of this section as requires that the pensions, if any, which are to be paid in the case of members of the Executive are to be determined by the Council shall not apply in relation to any pension payable apart from the provisions of that subsection.
(7)The provisions of Schedule 1 to this Act shall have effect as regards the Executive.