SCHEDULE 14 Strategic Rail Authority
Part III Financial framework and information
Financial framework
16
(1)
The Secretary of State shall prepare, and may from time to time revise, a document to be known as the Authority’s financial framework.
(2)
The Authority’s financial framework shall specify rules and principles according to which the Authority is to exercise its functions in relation to—
(a)
financial matters, and
(b)
matters relating to its employees.
(3)
The Authority shall not exercise any of its functions in a manner which is inconsistent with the Authority’s financial framework.
(4)
A transaction entered into by the Authority is not invalidated merely by reason of a contravention by the Authority of sub-paragraph (3); and this sub-paragraph applies whether or not any person who entered into the transaction with the Authority enquired whether the Authority was acting in contravention of that sub-paragraph.
Information
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The Authority shall give to the Secretary of State information, advice and assistance about any matter in respect of which any function of the Authority is exercisable if the Authority considers it appropriate, or is requested by the Secretary of State, to do so.