27 Transfer of franchise assets and shares
Railways Act 1993 (1993 c 43) | Legislation

27  Transfer of franchise assets and shares

(1)     It shall be the duty of the [responsible authority] before entering into a franchise agreement to satisfy [itself] that if the franchise agreement is entered into—

(a)     the initial franchise assets (if any) for that franchise agreement will be vested in the person who is to be the franchise operator; and

(b)     if the franchise agreement is to be one under which the franchisee undertakes to secure that a wholly owned subsidiary of his provides the franchised services, that the franchise operator will be a wholly owned subsidiary of the franchisee.

(2)     After a franchise agreement has been entered into, it shall be the duty of the [responsible authority], before any property, rights or liabilities are subsequently designated as franchise assets in accordance with the terms of, or by amendment to, the franchise agreement, to satisfy [itself] that, if the property, rights or liabilities in question are so designated, they will be vested in the franchise operator.

(3)     Without the consent of the [responsible authority], the franchise operator shall not—

(a)     if and to the extent that the franchise assets are property or rights—

(i)     transfer or agree to transfer, or create

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