# Local Government Act 1972, Paragraph 2


In section 11 (financial duty of Passenger Transport Executives) after subsection (3) there shall be inserted the following subsection:—
“(3A) Without prejudice to any power of the Executive to establish specific reserves, the Executive may establish and maintain a general reserve, and the Authority may give to the Executive directions as to any matter relating to the establishment or management of any such general reserve and the carrying of sums to the credit thereof, or the application thereof ; but no part of the moneys comprised in such a general reserve shall be applied otherwise than for purposes of the Executive or a subsidiary of theirs.”

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Source: https://www.legislation.gov.uk/ukpga/1972/70/schedule/24/paragraph/2 (the official version)
Page: https://openlegislation.uk/local-government-act-1972/schedule-24/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.