Transport Act, 1950

PART V.

Finance.

Borrowing powers of the Board.

28.—(1) (a) Subject to the provisions of this subsection, the Board may from time to time borrow temporarily by arrangement with bankers such sums as it may require for meeting its obligations and carrying out its duties.

(b) The Board shall not, except with the previous consent of the Minister given with the approval of the Minister for Finance, so exercise its powers under paragraph (a) of this subsection that its total indebtedness in respect of temporary borrowing exceeds at any one time five hundred thousand pounds.

(c) The Board shall not in any case so exercise its powers under paragraph (a) of this subsection that its total indebtedness in respect of temporary borrowing exceeds at any one time one million pounds.

(2) (a) The Board may, with the previous consent of the Minister given with the approval of the Minister for Finance, borrow money from time to time by the issue of stock for all or any of the following purposes—

(i) the provision of money for meeting any expenses incurred in connection with any permanent work the cost of which is properly chargeable to capital,

(ii) the redemption of any transport stock,

(iii) the acquisition of any other transport undertaking,

(iv) any other purpose for which capital moneys are properly applicable.

(b) The total amount of money borrowed under subparagraphs (i) and (iv) of paragraph (a) of this subsection shall not exceed seven million pounds.

(c) In calculating for the purposes of paragraph (b) of this subsection the total amount of money borrowed, account shall be taken of any moneys borrowed which have been repaid.