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SOLR_PROP

Transport Act, 1958

Release of Board from liability to repay advances of £5,623,400 for transport stock interest and temporary borrowing.

12.(1) The Board shall not be liable to repay to the Central Fund the sum of £5,623,400, being the total of advances made under subsection (3) of section 30 of the Act of 1950 up to the 31st day of March, 1958, to meet sums payable by the Minister for Finance under guarantees given by him under that section (comprising £4,820,400 in respect of interest on transport stock and £803,000 in respect of temporary borrowing) nor shall the Board be liable to pay interest in respect of any period after that date on such advances; and subsections (6) and (8) of the said section are modified accordingly.

(2) The said sum of £803,000 shall, for the purposes of paragraph (b) of subsection (1) of section 30 of the Act of 1950, as amended by section 3 of the Act of 1955, be deemed to have been repaid by the Board.