Transport Act, 1974

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Temporary borrowing powers of Board.

5.—Section 28 (1) of the Act of 1950 (as amended by section 24 of the Act of 1958) is hereby amended by the substitution in paragraph (c) of “£5,000,000” for “£2,000,000” and, accordingly, that paragraph shall have effect as set out in the Table to this section.

TABLE

(c) The Board shall not in any case so exercise its powers under paragraph (a) of this subsection that its total indebtedness in respect of temporary borrowing exceeds at any one time £5,000,000.