Part 2 E+W+SPublic sector funding authorities for railways

Assisting and securing the provision of servicesE+W+S

12Transfer schemes at end of franchising agreementsE+W+S

(1)This section applies where a franchise agreement is or has been in force.

(2)The appropriate national authority may make a scheme for the transfer, at or after the end of the franchise period, of relevant franchise assets from the franchise company to a person specified in subsection (3), or to two or more of those persons.

(3)Those persons are—

(a)the Secretary of State;

[F1(aa)the Welsh Ministers;]

(b)the Scottish Ministers;

(c)a company which is wholly owned by the Secretary of State[F2, the Welsh Ministers] or the Scottish Ministers;

(d)a company which is jointly owned by the Secretary of State and the Scottish Ministers; F3...

[F4(da)a company which is jointly owned by the Secretary of State and the Welsh Ministers; and]

(e)a franchise company.

(4)Before making a scheme under this section, the appropriate national authority must consult every person to whom relevant franchise assets would be transferred under the proposed scheme.

(5)On the day on which a scheme made under this section comes into force—

(a)the transferee or transferees must pay to the transferor, or

(b)the transferor must pay to the transferee or transferees,

such sums as may be specified in, or determined in accordance with, the franchise agreement.

(6)Subsection (5) is subject to any other agreement between the transferor and the transferee or transferees.

(7)Schedule 2 (which contains supplemental provisions about transfer schemes) has effect in relation to schemes under this section.

(8)In this section—