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| Control of subsidiaries. |
142. The powers of the Authority and the powers of Transport for London shall be exercised so as to ensure that a subsidiary of Transport for London-
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(a) does not do anything which Transport for London has no power to do (including anything which Transport for London has no power to do because the consent of the Secretary of State has not been obtained), |
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(b) does not do anything which the Mayor has directed Transport for London not to do, and |
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(c) does not, except with the consent of the Secretary of State, raise money by the issue of shares or stock to any person other than Transport for London or any other subsidiary of Transport for London. |
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CHAPTER III |
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LONDON REGIONAL TRANSPORT |
| Powers of disposal. |
143. In section 9 of the London Regional Transport Act 1984 (powers of disposal) at the end there shall be added-
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"(8) In this section-
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"disposal" means disposal- |
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(a) by way of sale, exchange or lease,
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(b) by way of the grant of any option or the creation of any easement, right or privilege, or
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(c) in any other manner, except by way of appropriation or mortgage,
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and "dispose of" shall be construed accordingly; |
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"lease" includes an underlease and an agreement for a lease or underlease, but does not include an option to take a lease or a mortgage." |
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| Abolition. |
144. London Regional Transport shall cease to exist.
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| Transfer of property etc to the Authority. |
145. - (1) There shall be transferred to and vest in Transport for London by virtue of this subsection all property, rights and liabilities to which London Regional Transport is entitled or subject immediately before it ceases to exist.
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(2) Subsection (1) above has effect in relation to property, rights or liabilities to which it applies in spite of any provision (of whatever nature) which would prevent or restrict the transfer of the property, rights or liabilities otherwise than by that subsection.
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| Transitional provisions. |
146. - (1) Nothing in section 144 or 145, or in any repeal made by this Act, affects the validity of anything done by or in relation to London Regional Transport before it ceases to exist.
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(2) There may be continued by or in relation to Transport for London anything (including legal proceedings) which-
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(a) relates to any of the functions of London Regional Transport or to any property, rights or liabilities transferred by section 145(1), and |
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(b) is in the process of being done by or in relation to London Regional Transport immediately before it ceases to exist. |
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(3) Anything which-
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(a) was done by London Regional Transport for the purpose of or in connection with any of its functions, or in connection with any of its property, rights or liabilities transferred by section 145(1), and |
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(b) is in effect immediately before it ceases to exist, |
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shall have effect as if done by Transport for London.
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(4) Transport for London shall be substituted for London Regional Transport in any instruments, contracts or legal proceedings which-
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(a) relate to any of the functions of London Regional Transport or to any property, rights or liabilities transferred by section 145(1), and |
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(b) are made or commenced before London Regional Transport ceases to exist. |
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(5) Any functions of the London Transport Executive established under section 4 of the Transport (London) Act 1969 which by virtue of section 67(1) of the London Regional Transport Act 1984 are exercisable by London Regional Transport immediately before it ceases to exist shall be exercisable by Transport for London after London Regional Transport ceases to exist.
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