305.Section 170 amends section 9 of the LRT Act 1984 so as to introduce a definition of “disposal”. That section gives LRT powers to dispose of businesses, thus providing a means of transferring to private sector PPP companies the assets that they will need in order to carry out their activities. The definition clarifies the extent of the disposal power so that it embraces disposals of assets under PPP agreements for a limited period after which the assets will revert to the public sector. Provision for the transition from LRT to TfL is made in Chapter XVI.
306.Section 171 amends section 17 of the LRT Act 1984 so as to give LRT the same power to procure guarantees as Transport for London under section 160(4) and (5).
307.Section 172 amends section 27 of the LRT Act 1984 which makes supplementary provision as to transfer schemes under sections 4, 5 and 9 of that Act. The powers under section 9 would enable schemes to be made for the transfer of assets to subsidiaries of London Underground Limited, prior to the transfer of those subsidiaries to the private sector, to establish the London Underground Public Private Partnership.