Section 49 Control of capital expenditure and of hiring of equipment
It shall be the duty of the Board to secure that any member of the group—
(a)
in framing and carrying out proposals involving substantial outlay on capital account; and
(b)
in framing and carrying out proposals involving the taking on hire, from a person who is not such a member, of any equipment of which the purchase by the member at the time of the taking on hire would involve such an outlay,
acts on lines settled from time to time by the Board with the approval of the Secretary of State.