Section 1Increased borrowing limit for British Railways Board.
(1) In section 42(6) of the Transport Act 1968 (which, as amended by section 1 of the Transport (Finance) Act 1982, limits the aggregate amount outstanding in respect of the principal of money borrowed by the British Railways Board and its commencing capital debt to £1,100 million or such greater sum not exceeding £1,300 million as the Secretary of State may by order specify) for the words from “shall not exceed” to “as the Minister” there shall be substituted “shall not exceed £3,000 million or such greater sum not exceeding £5,000 million as the Secretary of State”.
(2) Section 1 of the Transport (Finance) Act 1982, which is superseded by subsection (1) above, is hereby repealed.