Point in time view as at 27/04/2017.
Transport Act 2000, Section 32 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)This section applies to a guarantee given under section 31.
(2)Immediately after a guarantee is given the Secretary of State must lay a statement of it before each House of Parliament.
(3)If a sum is paid out for fulfilling a guarantee, as soon as possible after the end of each relevant financial year the Secretary of State must lay a statement relating to the sum before each House of Parliament.
(4)If any sums are paid out for fulfilling a guarantee the borrowing company must make to the Secretary of State at such times and in such manner as may be specified in directions given by him from time to time—
(a)payments of such amounts as he may specify in such directions in or towards repayment of the sums paid out, and
(b)payments of interest at such rate as he may specify in such directions on what is outstanding in respect of sums paid out.
(5)Subsection (4) does not prejudice any provision applied in relation to the borrowing company by Schedule 1.
(6)A direction under this section requires the Treasury’s consent.
(7)Relevant financial years are financial years starting with that in which the sum is paid out and ending with that in which all liability in respect of the principal of the sum and interest on it is finally discharged.
(8)The borrowing company is the company which borrowed the sums in respect of which the guarantee was given.
Commencement Information
I1S. 32 wholly in force at 1.2.2001, see s. 275(1)(2) and S.I. 2001/57, art. 3(1), Sch. 2 Pt. I (subject to the transitional provision and saving in Sch. 2 Pt. II)
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
