# The Education (London Residuary Body) (Transfer of Compensation Functions) Order 1992, Article 6: Transfer of money


(1) On 1st April 1992 the LRB shall pay £14.7 million to the LPFA.
(2) The sum paid in accordance with paragraph (1) above shall be applied only for defraying expenditure incurred on, or in connection with, those functions, rights and liabilities vested in the LPFA by article 2, 4 or 5.
(3) The sum paid in accordance with paragraph (1) above shall be met by the LRB as follows—
(a) the sum of £0.7 million shall be met from revenue balances on the LRB’s Greater London account; and
(b) the sum of £14 million shall be met from any or all of the following—
(i) direct capital receipts as defined in article 2(1) of the Education (London Residuary Body) (Capital Money) Order 1991 ;
(ii) the sum of £45 million referred to in article 5(1) of the Local Government Reorganisation (Capital Money) (Greater London) Order 1991 ; and
(iii) revenue balances on the LRB’s Inner London account.
(4) Paragraph 1 of Schedule 2 (general distribution of capital money) to the Education (London Residuary Body) (Capital Money) Order 1991 shall be amended by the insertion, after the word “means” in the definition of “compensation payments”, of the words “any payment out of direct capital receipts pursuant to article 6(3)(b)(i) of the Education (London Residuary Body) (Transfer of Compensation Functions) Order 1992 or,”.
(5) Article 5(2) (definition of “compensation payments”) of the Local Government Reorganisation (Capital Money) (Greater London) Order 1991 shall be amended by the insertion, after the word “means”, of the words “any payment pursuant to article 6(3)(b)(ii) of the Education (London Residuary Body) (Transfer of Compensation Functions) Order 1992 or,”.

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Source: https://www.legislation.gov.uk/uksi/1992/331/article/6 (the official version)
Page: https://openlegislation.uk/education-london-residuary-body-transfer-of-compensation-functions-order-1992/article-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.