Transport (Railway Finances) Act 1957
| Jurisdiction | UK Non-devolved |
| Citation | 1957 c. 9 |
| Year | 1957 |
Transport (Railway Finances) Act, 1957
(5 & 6 Eliz. 2) 9
An Act to make temporary provision authorising the British Transport Commission to meet interest and other revenue charges by borrowing, and modifying the requirement of the Transport Act, 1947, as to the sufficiency of the Commission's revenue to meet revenue charges, to authorise advances out of the Consolidated Fund of sums so borrowed, and for purposes connected therewith.
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:—
1 Temporary extension of Commission's borrowing powers.
(1) The borrowing powers of the British Transport Commission (in this Act referred to as ‘the Commission’) shall be extended as follows:—
(a ) the purposes for which money may be borrowed by the issue of stock under subsection (2) of section eighty-eight of the Transport Act, 1947 , or by taking advances under section forty-two of the Finance Act, 1956 , shall include the payment of interest on capital moneys borrowed by the Commission for the purposes of British Railways in the year nineteen hundred and fifty-six or any of the next nine years (including moneys borrowed in any such year under this paragraph), being interest accruing not later than the end of the third year after that in which the moneys are borrowed;
(b ) subject to the following provisions of this section, the Commission shall (in addition to their powers under the said section eighty-eight) have power to borrow by means of advances under the next following section the sums required—
(i) to meet any deficit on revenue account of British Railways for the year nineteen hundred and fifty-six or any of the next six years;
(ii) to pay interest on money borrowed under this paragraph, being interest accruing not later than the end of the fifth year after that in which the moneys are borrowed nor later than the end of the year nineteen hundred and sixty-four.
(2) For the purposes of subsection (1) of this section moneys borrowed to repay any temporary borrowing shall be treated as borrowed for the purpose and at the time of the temporary borrowing.
(3) Any power conferred by subsection (1) of this section to borrow for any purpose shall include power to borrow for the repayment of moneys temporarily borrowed for that purpose under subsection (1) of section eighty-eight of the Transport Act, 1947.
(4) The aggregate amount borrowed by the Commission under sub-paragraph (i) of paragraph (b ) of subsection (1) of this section shall not exceed two hundred and fifty million pounds.
(5) The sums required to meet any such deficit as is referred to in the said sub-paragraph (i) shall be taken to be the amount of that deficit less the amount of any surplus on revenue account of the Commission's undertaking excluding British Railways, and less any interest accruing during the year which is taken into account in computing that deficit but is or can be met out of moneys borrowed under some other provision of this section.
(6) The auditors appointed by the Minister of Transport and Civil Aviation (in this Act referred to as ‘the Minister’) to audit the Commission's accounts for the year nineteen hundred and fifty-six or any of the next eight years shall certify to the Minister the sums, if any, required in respect of that year for the purposes referred to in sub-paragraphs (i) and (ii) respectively of paragraph (b ) of subsection (1) of this section.
(7) If on the giving of a certificate for any year under subsection (6) of this section it is found that the sums...
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