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Public Passenger Vehicles Act 1981

Changes over time for: Cross Heading: Appropriate financial standing

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Version Superseded: 01/10/1999

Status:

Point in time view as at 01/02/1991.

Changes to legislation:

Public Passenger Vehicles Act 1981, Cross Heading: Appropriate financial standing is up to date with all changes known to be in force on or before 12 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Appropriate financial standingE+W+S

2

2[F1(1)Being of appropriate financial standing in relation to an application for, or holder of, a PSV operator’s licence consists in having available sufficient financial resources to ensure the establishment and proper administration of the business carried on, or proposed to be carried on, under the licence.

(2)An applicant for, or the holder of, such a licence authorising the use of vehicles for international operations shall not be considered to be of appropriate financial standing unless he has available capital and reserves of an amount equal to at least—

(a)3,000 European Currency Units multiplied by the number of vehicles which are to be or are used under the licence; or

(b)150 European Currency Units multiplied by the number of passenger seats in that number of vehicles,

whichever is the less.]

Textual Amendments

F1By S.I. 1990/1851, reg. 2, Sch. para. 2 it is provided (subject to a saving in reg. 2(2) and with application as mentioned in reg. 2(3)) that the existing provisions of para. 2 shall become sub-para. (1) of that para. and that there shall be inserted para 2(2)

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