CAB129-53 — Page 40

15 & 16 GEO. 6

& 1 ELIZ. 2

Transport

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Page 40

14. (1) In this section and in the three last preceding sections

A.D. 1952 Supplemental

three last

"the transitional period means the period beginning with provisions as to the first day of January, nineteen hundred and fifty- preceding three, and ending at the end of the year in which section sections. fifty-two of the Transport Act, 1947, ceases to have effect;

cr

year" means a period of twelve months beginning with

the first day of January.

(2) Any reference in this or the two last preceding sections to interest shall be construed as a reference to interest at such rate as may from time to time be fixed by directions of the Treasury, and the rate fixed by any such direction shall be such as would in the opinion of the Treasury be appropriate for 15 securities the principal of which and the interest on which was charged on the Consolidated Fund of the United Kingdom or the growing produce thereof, being securities issued at par at the time when the direction was given and redeemable twenty years after their issue.

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20 (3) If the Transport Fund is, at any time after the end of the transitional period, for the time being insufficient to make all the payments which have become due to be paid therefrom, the payments shall be made as soon as the Fund becomes sufficient for the purpose, and, as between such payments, 25 priority shall be given, first, to the salaries, allowances and ex- penses of the Board, next, to the payments into the Exchequer required by subsection (2) of section eleven of this Act, next, to payments of interest, next, to payments to the Commission in respect of compensation paid by them to officers and servants, 30 and next to payments under the last preceding section other

than payments of interest.

Reorganisation of railways

15.--(1) Within twelve months from the passing of this Act Re- or such longer period as the Minister may allow, the Commis- organisation 35 sion shall prepare and submit to the Minister a scheme for the of railways.

reorganisation of that part of their undertaking which consists

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in the operation of the railways.

(2) The said scheme shall provide-

(a) for the abolition (if it has not already been abolished)

of the Railway Executive; and

(b) for the setting up, for such areas as may be specified by or under the scheme, of such authorities as may be so specified; and

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