Paragraph 10 I1

(1)

The Secretary of State—

(a)

must prepare, and

(b)

may from time to time revise,

a document to be known as the F1PC's “financial framework”.

(2)

The financial framework must specify rules and principles according to which the PC is to exercise and perform its powers and duties in relation to—

(a)

financial matters; and

(b)

matters relating to its employees.

(3)

The PC must not carry out any of its functions in a manner which is inconsistent with its financial framework.

(4)

The fact that a transaction entered into by the PC constitutes, or involves, a contravention of sub-paragraph (3) does not invalidate the transaction.

(5)

Sub-paragraph (4) applies whether or not a person who entered into the transaction with the PC inquired whether the transaction constituted or involved a contravention of sub-paragraph (3).

Annotations

Textual amendments

F1: Words in Sch. 5 substituted (25.2.2010) by The Passengers’ Council (Non-Railway Functions) Order 2010 (S.I. 2010/439), art. 1, Sch. para. 9(7)(b)

Commencement

I1: Sch. 5 para. 10 in force at 24.7.2005 by S.I. 2005/1909, art. 2, Sch.

Notes on Schedule 5

Textual amendments

F1: Words in Sch. 5 heading substituted (25.2.2010) by The Passengers’ Council (Non-Railway Functions) Order 2010 (S.I. 2010/439), art. 1, Sch. para. 9(7)(c)