(1)The Secretary of State may in respect of any period make grants to the Railways Board of such amounts as appear to him to be requisite for reimbursing the Board in respect of the net costs during that period of securing the provision of bus substitution services.
(2)The amount of those costs during any period shall be taken to be an amount equal to the difference between—
(a)the reduction in financial burden of the Board; and
(b)the reduction in revenue of the Board;
if the Board were not to secure the provision of those services during that period.
(3)Grants under this section require the approval of the Treasury and may be made subject to such conditions as the Secretary of State may, with the approval of the Treasury, think fit.
Textual Amendments
F1Ss. 119-124 modified (1.4.1994) by 1993 c. 43, ss. 47(1)(2), 152(2) (with Sch. 13 para. 3(2)); S.I. 1994/571, art. 5
Ss. 119-124 extended (1.4.1994) by 1993 c. 43, ss. 47(6), 152(2)0 (with Sch. 13 para. 3(2)); S.I. 1994/571, art. 5
Ss. 119-124: certain functions transferred (1.4.1994) by 1993 c. 43, ss. 47(1)(b), 152(2) (with Sch. 13 para. 3(2)); S.I. 1994/571, art. 5
Ss. 120-124 applied (1.4.1994) by 1993 c. 43, ss. 76(9), 77(11); S.I. 1994/571, art. 5