London Regional Transport Act 1984

16 Control by Secretary of State of financial objectives

(1) The Secretary of State may from time to time determine, as respects such period as he may determine, the financial objectives which, having regard to the duty imposed on London Regional Transport by section 15 of this Act, he considers it is reasonable for London Regional Transport to achieve in that period (whether as regards their own business or that of any of their subsidiaries).

(2) Different determinations may be made by the Secretary of State under this section for different periods and in relation to different assets and different activities of London Regional Transport or (as the case may be) of any of their subsidiaries.

(3) A determination under this section—

(a) may relate to a period beginning before the date on which it is made; and

(b) may contain incidental and supplemental provisions.

(4) A determination under this section in respect of any period may be varied or revoked by a further determination under this section.

(5) London Regional Transport shall conduct their affairs during any period in respect of which a determination has been made under this section, or (as the case may be) secure that any subsidiary of theirs conducts its affairs, with a view to achieving the financial objectives specified by the determination as for the time being in force.

(6) The Secretary of State may not make a determination under this section except with the approval of the Treasury and after consultation with London Regional Transport.

(7) The Secretary of State shall give notice in writing to London Regional Transport of any determination under this section.