After section 74A of the M1Road Traffic Regulation Act 1984 there shall be inserted—

“74B Transfer of traffic control systems between Secretary of State and Transport for London.

(1)

If the Secretary of State and Transport for London so agree, the Secretary of State may make a scheme transferring to Transport for London—

(a)

the traffic control system for a trunk road in Greater London; and

(b)

the power to maintain and operate that system.

(2)

If Transport for London and the Secretary of State so agree, Transport for London may make a scheme transferring to the Secretary of State—

(a)

the London traffic control system; and

(b)

the power to maintain and operate that system.

(3)

If, in a case where a traffic control system has been transferred under this section, the transferee and the transferor so agree, the transferee may make a scheme transferring back to the transferor the system and the power to maintain and operate it.

(4)

A scheme under subsection (1), (2) or (3) above may make provision for the transferee to be treated (to the exclusion of the transferor), as respects the traffic signs comprised in the traffic control system transferred, as the traffic authority for specified roads in Greater London on or near which those traffic signs are placed.

(5)

Any exercise of the powers conferred by subsections (1) to (3) above is subject to the agreement of financial arrangements between the Secretary of State and Transport for London.

(6)

Any reference in this section to a traffic control system includes a reference to part of a traffic control system.

(7)

Expressions used in this section and in section 74A above have the same meaning in this section as they have in that section.”