Transport Act 1962

6 (1) This paragraph applies to any agreement—

(a) which was made with, or relates to, a company operating motor omnibuses or other road passenger transport vehicles, being a company which is listed in Part IV of the Fourth Schedule to this Act, and

(b) to which the Commission became a party by virtue of Part II of the Transport Act, 1947, as successors of a railway company having powers under the Railway Road Transport Acts of 1928 mentioned in paragraph 1 of Part II of the Second Schedule to this Act.

In the following provisions of this paragraph "the omnibus company" means any such company as is mentioned in paragraph (a) of this sub-paragraph.

(2) There shall be transferred to the Holding Company any rights and liabilities of the Commission under so much of the agreement as relates—

(a) to securities issued by the omnibus company, and in particular to any right of pre-emption which may arise when any such securities are disposed of,

(b) to the raising of capital by the omnibus company,

(c) to the election or nomination of directors of the omnibus company.

(3) Any rights or liabilities of the Commission under the agreement which are not under the foregoing provisions of this paragraph transferred to the Holding Company shall be transferred to the Railways Board.

(4) Without prejudice to the foregoing provisions of this paragraph, any term of the agreement to the effect that the omnibus company shall not without the consent of directors of the company nominated by the Commission compete with railway services of the Commission shall have effect, as from the vesting date, as if it referred to the consent of the Railways Board and to the railway services of the Railways Board.