Transport Act 1968

10 (1) Notwithstanding anything in the foregoing provisions of this Schedule, but subject to sub-paragraph (2) of this paragraph, the Executive may at any time by notice in writing to the existing operator concerned revoke as from a date specified in the notice, not being less than nine months after the date of the notice, any consent granted by the Executive under this Schedule; and any such notice shall specify a date, not being less than six months after the date of the Executive's notice, by which any notice by the operator under sub-paragraph (2) of this paragraph must be served on the Executive.

(2) Where a notice under sub-paragraph (1) of this paragraph is served on any operator, the operator may at any time not later than the date specified for the purpose in the Executive's notice serve on the Executive a notice in writing either—

(a) requiring the Executive to pay to the operator compensation computed in accordance with paragraph 11 of this Schedule in respect of—

(i) any diminution in the value of the assets of the operator's relevant business ; and

(ii) any expenditure, other than payment of income tax (including surtax), capital gains tax or corporation tax, incurred in winding up his relevant business or any part thereof,

which the operator shows to be attributable to the revocation ; or

(b) requiring the Executive to purchase the operator's relevant business at a price computed in accordance with paragraph 12 of this Schedule ;

and, subject to any modification agreed between the operator and the Executive, the Executive shall comply with any such requirement duly made.

(3) In this paragraph and the said paragraphs 11 and 12—

• " assets " means assets of any description and, subject to the provisions of the said paragraph 12, includes goodwill;

• " relevant business " in relation to an operator means so much of a business or undertaking of the operator as relates to the provision of road passenger transport services.