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Prospective

SCHEDULES

SCHEDULE 5E+W+SRail Passengers' Council established by s. 19(1)

Part 4 E+W+SFinancial framework and information

Financial frameworkE+W+S

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 RPC's “financial framework”.

(2)The financial framework must specify rules and principles according to which the RPC is to exercise and perform its powers and duties in relation to—

(a)financial matters; and

(b)matters relating to its employees.

(3)The RPC 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 RPC 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 RPC inquired whether the transaction constituted or involved a contravention of sub-paragraph (3).