48General duties of the Bus Company
(1)The main objective of the Bus Company—
(a)in preparing their disposal programme ; and
(b)in the conduct of their undertaking and the businesses of their subsidiaries after section 47 of this Act comes into force until the completion of that programme ;
shall be to promote sustained and fair competition, both between companies which are Bus group or former Bus group companies and between any such companies and other persons engaged in providing bus services or in carrying on any activities carried on in connection with providing bus services.
(2)For the purposes of subsection (1) above, Bus group companies are the Bus Company, their subsidiaries and any companies as respects which the Bus Company have any interest in their issued ordinary share capital.
(3)The Bus Company shall have regard—
(a)in preparing their disposal programme ;
(b)in taking any decisions in carrying out their programme with respect to disposals required in pursuance of the programme; and
(c)in the conduct of their undertaking and the businesses of their subsidiaries as mentioned in subsection (1)(b) above;
to the estimated effect of any proposal, decision or other course of action under consideration on the net value that may be expected to be secured from all disposals so required.
That value is the excess of the aggregate proceeds arising from all disposals so required over the aggregate costs incurred in carrying out the programme and taking any other steps required in preparation for the dissolution of the Company.
(4)In carrying out their disposal programme, the Bus Company shall take such steps as may be practicable to secure that persons employed in any undertaking or part of an undertaking which is to be the subject of a disposal under the programme are afforded what appears to the Company to be a reasonable opportunity of acquiring (whether alone or jointly with other persons) a controlling interest in the equity share capital of any company operating or proposing to operate that undertaking or part.
(5)The Secretary of State may give directions to the Bus Company as to the manner in which they are to carry out their main objective under subsection (1) above, or their duty under subsection (3) or (4) above, in any respect or in any case specified in the directions; and a copy of any directions given by the Secretary of State under this section shall be laid before each House of Parliament.