CAB129-53 — Page 35

14

A.D. 1952

Payments to Commission out of

Transport Fund for loss on disposal of road haulage undertaking.

Transport

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15 & 16 GEO. 6

& 1 ELIZ. 2

the Fund shall, as soon as the resources of the Fund are suffi- cient for the purpose, be paid out of the Fund into the Exchequer.

(3) Any sums standing to the credit of the Transport Fund which are not for the time being required for the purpose of 5 making payments out of the Fund may be invested by the Minister in such securities as may be approved by the Treasury, and any income arising therefrom shall be paid into the Fund. (4) The Minister shall, as respects each year, prepare, in such form and manner as the Treasury may direct, an account of all 10 sums paid into or out of the Transport Fund, and each such account shall, on or before the first day of July next follow- ing the expiration of the year to which it relates, be transmitted to the Comptroller and Auditor General, who shall examine and certify the account and lay copies thereof, together with his 15 report thereon, before each House of Parliament.

.

12. (1) An amount equal to—

(a) the road haulage capital loss as defined in subsection (3)

of this section; plus

(b) such amount, if any, as the Minister, after consultation 20

with the Commission and the Treasury, may deter- mine to represent any unavoidable loss of net revenue incurred by the Commission during the transitional period as a result of disturbance of the existing road haulage undertaking,

25

shall be paid out of the Transport Fund to the Commission by such instalments as are hereinafter mentioned, that is to say-

(i) the first instalment shall be paid on the first day of January immediately following the end of the transi- tional period and the subsequent instalments shall be 30 paid on the first day of January in each subsequent year until the whole amount is paid; and

(ii) subject as hereinafter provided, the instalments shall be equal instalments paid over such period as may be determined by the Minister:

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Provided that the Minister shall, not later than three months before the end of the transitional period, make a provisional estimate of the total amount falling to be paid as aforesaid and a provisional determination of the said period, and shall from time to time revise that estimate, and, if he thinks that 40 the variations in his estimates warrant that course, also that determination and-

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(a) the instalments from time to time payable shall be cal- culated and paid by reference to the latest estimate and determination for the time being; and

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