CAB129-53 — Page 142

15 & 16 GEO. 6

& 1 ELIZ. 2

Transport

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19

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Tribunal have made their estimate for any period, they shall transmit that estimate to the Minister, together with such a statement of their reasons for arriving at that estimate as they think fit, and the Minister shall lay a copy of their estimate and 5 their statement before each House of Parliament.

(4) Subject to the provisions of this subsection, on the first day of July in each of the three years next following the end of the period for which such an estimate as aforesaid has been transmitted to the Minister, there shall become due to be paid 10 to the Commission out of the Transport Fund an amount equal

to the amount of the estimate:

Provided that if the Minister, after consultation with the permanent members of the Tribunal, is of opinion that, in making the estimate, any loss falling to be disregarded under paragraph 15 (b) of subsection (2) of this section has not been disregarded, he shall lay a statement to that effect before each House of Parliament, setting out his conclusions and specifying the amount by which in his opinion the estimate is in consequence excessive, and the amount which becomes due as aforesaid to be paid to 20 the Commission out of the Transport Fund on the first day of July in each of the three years in the period next following the period for which the estimate was given shall be reduced by the amount specified in the Minister's statement.

Where the Minister lays before Parliament such a statement 25 as aforesaid, the reference in the proviso to subsection (2) of this section to the conclusions of the permanent members of the Tribunal shall, as respects the loss in question, be construed as a reference to their conclusions modified to such extent as may be necessary to give effect to the conclusions of the Minister 30 set out in his statement.

(5) In this section " net railway revenue" means, in relation to any period, the gross revenue arising to the Commission for that period from the operation of their railways less sums properly chargeable to revenue account for that period as expenses of -35 the operation thereof, and the references to a loss of net railway revenue caused to the Commission shall be construed as refer- ences to the amount by which the net railway revenue of the Commission falls short of what would have been their net railway revenue but for the operation of the cause in question :

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Provided that if the gross revenue arising to the Commission for any period from the operation of their railways is less than the sums properly chargeable to revenue account for that period as expenses of the operation thereof, there shall be deemed to be net railway revenue for that period of a negative amount 45 equal to the difference, and the losses of net railway revenue

shall be calculated accordingly.

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A.D. 1952

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