Transport Act 1968

43 Additional financial provisions as to Waterways Board

(1) This section applies to the Waterways Board.

(2) The Minister or any other Minister of the Crown may, with the approval of the Treasury, from time to time make grants to the Board.

(3) On 1st January 1969—

(a) without prejudice to any further adjustment under section 53(5) of this Act, there shall be extinguished such part of the commencing capital debt of the Board under section 39 of the Act of 1962 as is required to be extinguished in order to reduce the commencing capital debt of the Board outstanding on that date to £3,750,000; and

(b) in section 19(3)(iv) of the Act of 1962 (which provides that the aggregate amount outstanding in respect of the principal of any money borrowed by the Board and of the Board's commencing capital debt shall not exceed £30 million) for the word " thirty" there shall be substituted the word " twelve ".

(4) In section 23 of the Act of 1962 as amended by the [1966 c. 17.] Transport Finances Act 1966, subsections (2) and (3) (which relate to deficits on revenue account of the Waterways Board) and subsection (5) (which temporarily relieves that Board of the obligation to establish a general reserve) shall cease to have effect.

(5) If in any accounting year of the Board there is an excess of the revenue of the Board over the total sums properly chargeable by them to revenue, the Minister may, with the approval of the Treasury, require that excess, so far as it appears to him, after consultation with the Board, to be surplus to the requirements of the Board, to be paid over to the Minister, who shall pay it into the Consolidated Fund.