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Local Government Act 1972
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X12E+WIn section 11 (financial duty of Passenger Transport Executives) after subsection (3) there shall be inserted the following subsection:—
“(3A)Without prejudice to any power of the Executive to establish specific reserves, the Executive may establish and maintain a general reserve, and the Authority may give to the Executive directions as to any matter relating to the establishment or management of any such general reserve and the carrying of sums to the credit thereof, or the application thereof ; but no part of the moneys comprised in such a general reserve shall be applied otherwise than for purposes of the Executive or a subsidiary of theirs.”
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X1The text of Sch. 24 paras. 1, 2, 4–7 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
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