Transport Act, 1974

State guarantee of temporary borrowings by Board.

6.—Section 30 (1) of the Act of 1950 (as amended by section 25 of the Act of 1958) is hereby amended by the substitution in paragraph (b) of “£5,000,000” for “£1,500,000” and, accordingly, that paragraph shall have effect as set out in the Table to this section.


(b) The Minister for Finance shall not so exercise the powers conferred on him by this subsection that the amount, or the aggregate amount, of principal which he may at any one time be liable to repay on foot of any guarantee or guarantees under this subsection for the time being inforce, together with the amount of principal (if any) which the said Minister has previously paid on foot of any guarantee under this subsection and has not been repaid by the Board, exceeds £5,000,000.