London Regional Transport Act 1984 (repealed)

18 Borrowing powers.F1 E+W

(1) London Regional Transport may borrow temporarily, by way of overdraft or otherwise, either from the Secretary of State or, with the consent of the Secretary of State, from any other person, such sums as may be required for meeting the obligations or discharging the functions of London Regional Transport or any of their subsidiaries.

The aggregate of the amounts outstanding in respect of any temporary loans raised by London Regional Transport under this subsection shall not exceed such limit as may for the time being be imposed for the purposes of this subsection by a direction given to London Regional Transport by the Secretary of State.

(2) London Regional Transport may borrow, otherwise than by way of a temporary loan—

(a) in sterling from the Secretary of State; or

(b) with the consent of the Secretary of State and the approval of the Treasury, in sterling or a currency other than sterling from a person other than the Secretary of State; such sums as may be required by London Regional Transport or any of their subsidiaries for all or any of the purposes mentioned in subsection (3) below.

(3) Those purposes are—

(a) meeting any expenses incurred by London Regional Transport or any of their subsidiaries in connection with any works the cost of which is chargeable to capital account;

(b) the provision of working capital required by London Regional Transport or any such subsidiary;

(c) acquiring an undertaking or part of an undertaking;

(d) subscribing for or acquiring securities of a body corporate otherwise than by way of investment;

(e) promoting or participating in promoting the formation of a company;

(f) the payment of interest charged to capital account under section 15(5) of this Act;

(g) repayment of any money borrowed by London Regional Transport or any of their subsidiaries and repayment of any sums issued by the Treasury in fulfilment of a guarantee under section 20 of this Act;

(h) making any loan, or fulfilling any guarantee given, in pursuance of the powers conferred on London Regional Transport by this Act;

(i) any purpose for which capital moneys are properly applicable, whether or not specified in any of the preceding paragraphs of this subsection.

(4) London Regional Transport shall not have power to borrow money, otherwise than from a subsidiary of theirs, except in accordance with this section.

(5) References in this section to borrowing do not include the receipt of money by London Regional Transport soley for the purpose of making payments into or out of a pension fund established for the purposes of a pension scheme in which employees of London Regional Transport or a subsidiary of theirs participate.

Textual Amendments applied to the whole legislation

F1 Act repealed (prosp.) by 1999 c. 29, ss. 423, 425(2), Sch. 34 Pt. II (with Sch. 12 para. 9(1))