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TRANSPORT (AMENDMENT) ACT (NORTHERN IRELAND) 1971 - SECT 4

Power to amend Ulster Transport Authority (Male Wages Grades) Pension Scheme.

4.(1) The Holding Company may, with the approval of the Ministry and of
the Ministry of Finance, charge on the undertaking of the Company or a part
thereof or on the revenues of the Company or a part thereof or on both the
undertaking and the revenues of the Company any loans obtained by the Company
in the exercise of its borrowing powers under section 51 of the Transport Act
(Northern Ireland) 1967.

(2) Any sums charged on and issued out of the Consolidated Fund under
subsection (5) of the said section 51 for the purpose of fulfilling any
guarantee given by the Ministry of Finance under subsection (4) of that
section shall be repaid by the Holding Company to the Ministry of Finance on
such terms and with interest at such rates as that Ministry may from time to
time determine, and until so repaid such sums and interest shall be deemed to
be charged on the undertaking and all the revenues of the Holding Company in
priority to any other charges not in existence at the date on which the
guaranteed loan was raised by the Holding Company.

© 1971 Crown Copyright

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