49.—(1) When approving under section 47, or approving on review under section 48, the price of any bus fare or train fare, the Council must do so only in accordance with the fare adjustment formula set out in the Third Schedule.
[31/2015]
(2) Where the bus fare charged by a public bus operator, or the train fare charged by a licensed rapid transit system operator, or the bus fare or train fare approved under section 47, or approved on review under section 48, for any year is less than the maximum permitted using the fare adjustment formula set out in the Third Schedule —
(a)
no public bus operator or licensed rapid transit system operator is entitled to demand a bus fare or train fare that includes that excess for that year; but
(b)
the excess may be claimed (in whole or in part) by the public bus operator or licensed rapid transit system operator concerned when applying for approval of any bus fare or train fare for the subsequent year or years, up to the maximum permitted using that fare adjustment formula.
[31/2015]
(3) However, the Council may refuse to add the excess referred to in subsection (2) to any bus fare or train fare with respect to a public bus operator or licensed rapid transit system operator if the bus operator or rapid transit system operator makes no claim under subsection (2)(b) when applying under section 47 for approval of the bus fare or train fare.