SCHEDULES
SCHEDULE 5F1Passengers’ Council established by s. 19(1)
Part 4Financial framework and information
Financial framework
I110
1
The Secretary of State—
a
must prepare, and
b
may from time to time revise,
a document to be known as the F2PC's “financial framework”.
2
The financial framework must specify rules and principles according to which the F2PC is to exercise and perform its powers and duties in relation to—
a
financial matters; and
b
matters relating to its employees.
3
The F2PC 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 F2PC 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 F2PC inquired whether the transaction constituted or involved a contravention of sub-paragraph (3).
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)