# The Local Government Reorganisation (Property, etc.) (Greater Manchester) Order 1988, Article 3: Transfer of monies


(1) Immediately before the transfer date, the Residuary Body shall set aside from their revenue balances the sum of £2,350,000 (“the special fund”).
(2) On the transfer date the Residuary Body shall transfer to Tameside from the special fund the sum of £350,000 which Tameside shall credit to a fund established by them under paragraph 16 of Schedule 13 to the Local Government Act 1972 which shall be applied only for defraying expenditure incurred by them in the exercise of the functions or the discharge of the liabilities transferred by article 4(1).
(3) On the transfer date the Residuary Body shall transfer to Stockport from the special fund the sum of £2 millions which Stockport shall credit to a fund established by them under the said paragraph 16 which shall be applied only for defraying expenditure incurred by them in the discharge of the liabilities transferred by article 6(1).
(4) If the defraying of the expenditure mentioned in paragraphs (2) and (3) does not exhaust the funds established as so mentioned, Tameside or, as the case may be, Stockport shall apportion the amount of the balance among the local councils and shall pay the appropriate proportion to each of the other local councils.

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Source: https://www.legislation.gov.uk/uksi/1988/2114/article/3 (the official version)
Page: https://openlegislation.uk/local-government-reorganisation-property-etc-greater-manchester-order-1988/article-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.