2 Financial duty of ExecutivesE+W
(1)An Executive shall so perform their functions as to ensure so far as practicable that the combined revenues of the Executive and any subsidiaries of theirs for any accounting period are not less than sufficient to meet their combined charges properly chargeable to revenue account in that period.
(2)If in the case of any accounting period it is not practicable for an Executive to ensure that those revenues are sufficient to meet those charges, subsection (1) above shall have effect in relation to the next following accounting period as if the combined charges there referred to included an amount equal to the amount of the deficit.
(3)For the purposes of this section there shall be disregarded any deficit or potential deficit in an accounting period to the extent to which it is or is to be covered by the appropriation of any reserves of the Executive available for the purpose if the appropriation of those reserves for that purpose has been proposed by the Executive F1. . . and approved by the Authority F2. . ..
(4)An Authority in exercising or performing any of their functions F3. . . shall have regard to the duty imposed on an Executive by this section.
(5)In this section “subsidiary” has the meaning given by section 92(1) of the M1Transport Act 1962, . . . F4
Textual Amendments
F1Words in s. 2(3) repealed (1.2.2001 for E. and 14.8.2002 for W.) by 2000 c. 38, s. 274, Sch. 31 Pt. II; S.I. 2001/57, art. 3(2), Sch. 3 Pt. I (subject to Sch. 3 Pt. II); S.I. 2002/2024 art. 2(b)
F2Words in s. 2(3) repealed (1.2.2001 for E. and 14.8.2002 for W.) by 2000 c. 38, s. 274, Sch. 31 Pt. II; S.I. 2001/57, art. 3(2), Sch. 3 Pt. I (subject to Sch. 3 Pt. II); S.I. 2002/2024, art. 2(b)
F3Words in s. 2(4) repealed (1.2.2001 for E. and 14.8.2002 for W.) by 2000 c. 38, s. 274, Sch. 31 Pt. II; S.I. 2001/57, art. 3(2), Sch. 3 Pt. I (subject to Sch. 3 Pt. II); S.I. 2002/2024, art. 2(b)
F4Words repealed by London Regional Transport Act 1984 (c. 32, SIF 126), s. 71(3)(a)(b), Sch. 6 para. 29(b), Sch. 7
Marginal Citations