Explanatory note

Section 38 of the Transport Act, 1947, provides for the preparation and submission by the British Transport Commission to the Minister of Transport and Civil Aviation of a scheme as to the property, rights, powers and liabilities of the Railway Clearing House and subsection (2) of the section provides that a scheme shall not have effect until embodied in an Order made by the Minister. This Order embodies and gives effect to a scheme so prepared and submitted for the dissolution of the Railway Clearing House and, save for the Railway Clearing System Superannuation Fund, the transfer of its property, rights, powers and liabilities to the Commission.

The rights and powers of the Clearing House in the management of the said Fund are transferred to the Council of the Railway Clearing System Superannuation Fund, a body constituted under the Order.