Textual Amendments
F1Words in Sch. 5 heading substituted (25.2.2010) by The Passengers’ Council (Non-Railway Functions) Order 2010 (S.I. 2010/439), art. 1, Sch. para. 9(7)(c)
10(1)The Secretary of State—E+W+S
(a)must prepare, and
(b)may from time to time revise,
a document to be known as the [F2PC]'s “financial framework”.
(2)The financial framework must specify rules and principles according to which the [F2PC] is to exercise and perform its powers and duties in relation to—
(a)financial matters; and
(b)matters relating to its employees.
(3)The [F2PC] must not carry out any of its functions in a manner which is inconsistent with its financial framework.
(4)The fact that a transaction entered into by the [F2PC] constitutes, or involves, a contravention of sub-paragraph (3) does not invalidate the transaction.
(5)Sub-paragraph (4) applies whether or not a person who entered into the transaction with the [F2PC] inquired whether the transaction constituted or involved a contravention of sub-paragraph (3).
Textual Amendments
F2Words in Sch. 5 substituted (25.2.2010) by The Passengers’ Council (Non-Railway Functions) Order 2010 (S.I. 2010/439), art. 1, Sch. para. 9(7)(b)
Commencement Information
I1Sch. 5 para. 10 in force at 24.7.2005 by S.I. 2005/1909, art. 2, Sch.