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20 1958

GREAT NORTHERN RAILWAY ACT, 1958

PART V.

Finance.

Grants to Board.

23. —The annual grant to be made by the Minister to the Board under section 10 of the Transport Act, 1958 , in the financial year beginning on the 1st day of April, 1959, and in each of the next four financial years is hereby increased from £1,000,000 to £1,175,000 and that section shall stand amended accordingly.

Borrowing powers of Board.

24. Section 28 of the Transport Act, 1950 (as amended by section 2 of the Transport Act, 1955 ) is hereby amended by the substitution in paragraph (c) of subsection (1) (which imposes a limit on temporary borrowing) of £2,000,000 for £1,500,000.

State guarantee of temporary borrowing.

25. —Subsection (1) of section 30 of the Transport Act, 1950 (as amended by section 3 of the Transport Act, 1955 ) is hereby amended by the substitution in paragraph (b) (which imposes a limit on the guarantee by the Minister for Finance of temporary borrowing) of £1,500,000 for £1,000,000.