London Passenger Transport Act 1933

20 Power of Board to lease or sell surplus lands.

(1) Subject to the provisions of this section the Board may, if they by resolution so decide, sell or let on lease any lands or property forming part of their undertaking which in their opinion are not required for the proper carrying out of their duties under this Act.

(2) Where within ten years from the appointed day the Board by resolution decide to sell or let on lease any land or building which immediately before the appointed day formed part of a local authority's undertaking, the Board shall send to the local authority concerned notice of the resolution, and, if within three months from the date of the receipt of that notice, the local authority notify the Board that they desire to purchase the land or building or to take it on lease, as the case may be, they shall be entitled so to purchase the land or building or to take it on lease on such terms as may be agreed between the Board and the authority or, in default of agreement, as may be determined by arbitration to be fair and reasonable having regard to all the circumstances of the case.