Transport (Borrowing Powers) Act 1959

JurisdictionUK Non-devolved
Citation1959 c. 16


Transport (Borrowing Powers) Act, 1959

(7 & 8 Eliz. 2) CHAPTER 16

An Act to increase the limits imposed by paragraph (b ) of subsection (1) of section twenty-six of the Transport Act, 1953, and by subsection (4) of section one of the Transport (Railway Finances) Act, 1957, on the borrowing powers of the British Transport Commission.

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

S-1 Extension of ordinary borrowing powers of British Transport Commission.

1 Extension of ordinary borrowing powers of British Transport Commission.

(1) In subsection (1) of section twenty-six of the Transport Act, 1953 (which relates to the ordinary borrowing powers of the British Transport Commission), for the limit of six hundred million pounds imposed by paragraph (b ), as amended by the Transport (Borrowing Powers) Act, 1955, there shall be substituted a limit of one thousand two hundred million pounds.

(2) The other provisions relating to borrowings by the Commission shall have effect accordingly, and in particular—

(a ) the provisions of the Transport Act, 1947 (as amended by the Transport Act, 1953 ) which authorise the Treasury to give guarantees with respect to stock or loans and which provide for charging sums required for fulfilling any such guarantee on the Consolidated Fund;

(b ) the provisions of section forty-two of the Finance Act, 1956 (as amended by section thirty-six of the Finance Act, 1958 ) which authorise the Minister of Transport and Civil Aviation to advance to the Commission sums which it might otherwise raise by issuing stock and which provide for the issue out of the Consolidated Fund and the borrowing of sums required for such advances; and

(c ) the provisions of the enactments mentioned in the foregoing paragraphs which provide for paying into the Exchequer any sums received by way of repayment of such advances or of sums required for fulfilling guarantees or by way of interest thereon.

S-2 Extension of powers of Commission to borrow, and of Minister to lend, to meet deficits on revenue account of British Railways.

2 Extension of powers of Commission to borrow, and of Minister to lend, to meet deficits on revenue account of British Railways.

2. The powers of the Commission under section one of the Transport (Railway Finances)...

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