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London Regional Transport Act 1984

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This is the original version (as it was originally enacted).

22Limit on financial commitments of London Regional Transport group

(1)The aggregate amount outstanding, otherwise than by way of interest, in respect of—

(a)money borrowed by any member of the London Regional Transport group otherwise than from another member of the group;

(b)money borrowed by any person other than a member of the London Regional Transport group subject to a guarantee given by a member of the group which applies to repayment of that money ; and

(c)sums issued by the Treasury in fulfilment of guarantees under section 20 of this Act;

shall not at any time exceed £100 million or such other sum as the Secretary of State may from time to time by order specify.

(2)The Secretary of State may, with the approval of the Treasury, from time to time give directions as to the method of calculation to be used, and the date to be taken, in determining for the purposes of subsection (1) above the value in sterling of any amount outstanding in respect of money borrowed in a currency other than sterling.

(3)In this Act "the London Regional Transport group" means London Regional Transport and their subsidiaries.

(4)No order shall be made under subsection (1) above unless a draft of the order has been laid before, and approved by a resolution of, the Commons House of Parliament.

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