Section 1 Increased borrowing limit for British Railways Board.

In section 42(6) of the M1Transport Act 1968 (which, as amended by section 1 of the M2Transport (Finance) Act 1982, limits the aggregate amount outstanding in respect of the principal of money borrowed by the British Railways Board and its commencing capital debt to £1,100 million or such greater sum not exceeding £1,300 million as the Secretary of State may by order specify) for the words from “shall not exceed” to “as the Minister” there shall be substituted “shall not exceed £3,000 million or such greater sum not exceeding £5,000 million as the Secretary of State”.

Section 1 of the Transport (Finance) Act 1982, which is superseded by subsection (1) above, is hereby repealed.