Regulation 6 PCL of designated authority

In regulation 15, for paragraph (1) substitute the following paragraphs—

“(1)

Subject to paragraph (2), where in relation to an abolished authority there is only one successor authority, on the reorganisation date there shall be added to the PCL of the designated authority an amount equal to the PCL of the abolished authority on the last day of the preliminary period.

(1A)

Subject to paragraph (2), where in relation to an abolished authority there are two or more successor authorities, on the reorganisation date there shall be added to the PCL of the designated authority an amount equal to the PCL of the abolished authority on the last day of the preliminary period less the usable PCL, if any, of the abolished authority.

(1B)

Subject to paragraph (2), on the relevant date there shall be deducted from the PCL of a relinquishing authority an amount equal to the aggregate of all amounts “KK”, if any, determined in relation to the relinquishing authority and the participant authorities in accordance with paragraph 5A of the Schedule to the Transfer of Property Regulations..”