Part IIILands

20Land at Westminster station.

(1)In this section—

(2)Notwithstanding any restriction on the Corporation’s powers to dispose of land required for the purposes of their undertaking imposed by the [1984 c. 32.] London Regional Transport Act 1984 and the duty of the Corporation under section 33 of that Act (which requires control to be exercised over subsidiaries so as to ensure that a subsidiary does not engage in activities in which the Corporation have no power to engage), the Company may dispose of all the Company’s interests in the site, provided the following conditions are fulfilled:—

(a)the prior consent of the Secretary of State is given to the disposal; and

(b)the person to whom the disposal is made enters into an agreement to grant to the Company a lease which satisfies the provisions of subsection (4) below and a licence to construct on the site the works authorised by the Act of 1992 and this Act.

(3)The Secretary of State shall not consent to the disposal referred to in subsection (2) above unless requested to do so by the Company acting pursuant to a request by the Accommodation and Works Committee of the House of Commons and the requests by that Committee and by the Company are made to facilitate the construction on the site of Phase II of the new parliamentary building.

(4)A lease satisfies the conditions of subsection (2) (b) above if—

(a)the demise includes so much of the site as the Company consider necessary for the operation of the District Line and the Jubilee Line and the construction of the works authorised by the Act of 1992 and this Act;

(b)it is for a term of 999 years at a peppercorn rent; and

(c)the Corporation and the Company are satisfied that it contains such other terms and conditions as will enable the District Line and the Jubilee Line to be operated efficiently, economically and safely.