Railways Act 1993

54 Exercise of functions for purpose of encouraging investment in the railways

(1) The Franchising Director or a Passenger Transport Authority or Passenger Transport Executive—

(a) in exercising or deciding whether or not to exercise any of his, or (as the case may be) their, franchising functions, may take into account the desirability of encouraging railway investment; and

(b) may exercise any such functions for the purpose of encouraging railway investment or for purposes which include that purpose.

(2) The Franchising Director may, for the purpose of encouraging railway investment, enter into agreements with any person under which the Franchising Director undertakes to exercise franchising functions of his, to refrain from exercising such functions, or to exercise such functions in a particular manner.

(3) In this section—

• “franchising functions”, in relation to the Franchising Director, means—

  (a)

  any functions of his under sections 17 to 19, 23, 24, 26 to 35, 52 and 53(3) above;

  (b)

  any power conferred on him under or by virtue of Part II below with respect to the effecting by transfer scheme of any transfer contemplated by any provision of those sections; and

  (c)

  any other functions of his which relate to the provision of railway passenger services, or the operation of additional railway assets, under or by virtue of franchise agreements;

• “franchising functions”, in relation to a Passenger Transport Authority or Passenger Transport Executive, means any functions conferred or imposed on the Authority or, as the case may be, the Executive under or by virtue of section 34 above;

• “railway investment” means investment in assets for use in the provision of railway services.