Section 120 Capital grants between Authority and functional bodies.

The Authority may pay grants towards meeting F1capital expenditure incurred or to be incurred by a functional body for the purposes of, or in connection with, the discharge of the functions of that body.

A functional body may, with the consent of the Mayor, pay a grant towards meeting capital expenditure incurred or to be incurred by another functional body, or by the Authority, for the purposes of, or in connection with, the discharge of the functions of the body to which the grant is made.

A grant under this section must not be made subject to any limitation in respect of the capital expenditure which it may be applied towards meeting.

A grant under this section must be applied by the recipient body solely towards meeting capital expenditure incurred or to be incurred by that body for the purposes of, or in connection with, the discharge of its functions.