(1)The council of a London borough and the Common Council shall each have power to enter into and carry out agreements with—
(a)Transport for London,
(b)the Franchising Director, or
(c)any person who is the holder of a passenger licence, a network licence or a station licence,
with respect to the provision or retention, and financing, of public passenger transport services and facilities which would not be available apart from any such agreement.
(2)Transport for London and the Franchising Director shall each have power to enter into and carry out agreements with the council of a London borough or the Common Council with respect to the matters specified in subsection (1) above.
(3)The terms of an agreement entered into under this section shall be such as may be agreed between the parties to the agreement.
(4)Expressions used in this section and in Part I of the Railways Act 1993 have the same meaning in this section as in that Part.