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Change 1
As published
27 Financial provisions with respect to Bus Company and Scottish Group.
(1) Subject and without prejudice to the provisions of section 41 of this Act, the following provisions of the Act of 1962, namely—
(a) section 18 (financial duty of Boards);
(b) section 19 (borrowing powers of Boards);
(c) section 20 (loans out of National Loans Fund);
(d) section 21 (Treasury guarantees);
(e) section 24 (accounts),
shall apply to the Bus Company and to the Scottish Group as they apply to the Boards, except that any reference in those sections to the Minister shall, in relation to the Scottish Group, be construed as a reference to the Secretary of State.
(2) The Bus Company and] the Scottish Group shall each assume a commencing capital debt in accordance with the provisions of Schedule 2 to this Act.
(3) The aggregate amount outstanding in respect of—
(a) the principal of any money borrowed by the Bus Company or, as the case may be, the Scottish Group, under section 19 of the Act of 1962, and
(b) the commencing capital debt of that Company or, as the case may be,Group,
shall not exceed—
(i) for the Bus Company, the limit mentioned in subsection (4) of this section;
(ii) for the Scottish Group, £50 million.
(4) The limit referred to in subsection (3)(i) of this section is £250 million or such greater sum not exceeding £275 million as the Secretary of State may specify by order.
(5) No order shall be made under subsection (4) of this section unless a draft of the order has been laid before and approved by resolution of the House of Commons.
Your change, as a redline
27 Financial provisions with respect to Bus Company and Scottish Group.
(1) Subject and without prejudice to the provisions of section 41 of this Act, the following provisions of the Act of 1962, namely—
(a) section 18 (financial duty of Boards);
(b) section 19 (borrowing powers of Boards);
(c) section 20 (loans out of National Loans Fund);
(d) section 21 (Treasury guarantees);
(e) section 24 (accounts),
shall apply to the Bus Company and to the Scottish Group as they apply to the Boards, except that any reference in those sections to the Minister shall, in relation to the Scottish Group, be construed as a reference to the Secretary of State.
(2) The Bus Company and] the Scottish Group shall each assume a commencing capital debt in accordance with the provisions of Schedule 2 to this Act.
(3) The aggregate amount outstanding in respect of—
(a) the principal of any money borrowed by the Bus Company or, as the case may be, the Scottish Group, under section 19 of the Act of 1962, and
(b) the commencing capital debt of that Company or, as the case may be,Group,
shall not exceed—
(i) for the Bus Company, the limit mentioned in subsection (4) of this section;
(ii) for the Scottish Group, £50 million.
(4) The limit referred to in subsection (3)(i) of this section is £250 million or such greater sum not exceeding £275 million as the Secretary of State may specify by order.
(5) No order shall be made under subsection (4) of this section unless a draft of the order has been laid before and approved by resolution of the House of Commons.
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