Part IV Further Provisions as to Boards, New Authorities and Transport Services
Railways Board
40 Grants pending elimination of surplus track and signalling equipment.
1
Subject to the provisions of this section, the Minister may, for each of the five years beginning with 1969, make to the Railways Board a grant towards the expenditure of the Board in respect of track and signalling equipment which is in that year in the possession of the Board but which is in that year, or is likely within those five years to become, surplus to their requirements.
2
The amount of any grant under this section shall be determined by the Minister after consultation with the Railways Board, and the amount of the grant for each of the said years shall be so determined before 1st January 1969 in such manner that—
a
the amount for each year after the first is less than that for the preceding year; and
b
the aggregate amount of the grants does not exceed £50 million.
3
Any grant under this section shall be made on such terms and conditions as the Minister may determine.
4
The approval of the Treasury shall be required for the making of any grant under this section and for any determination of the Minister under subsection (2) or (3) thereof.
5
The report of the Railways Board under section 27(8) of the Act of 1962 for any year in respect of which a grant is made to the Board under this section shall include a statement of the amount of that grant.