Article 25 Distribution of capital and other money

(1)

Subject to the following provisions of this article, the Residuary Body shall, in accordance with directions given by the Secretary of State, pay to each of the successor authorities in relation to a relevant authority the appropriate proportion of any money for the time being in its hands to which paragraph (2) applies and which is not reserved money.

(2)

This paragraph applies to—

(a)

all sums received by the Residuary Body in respect of a transfer, pursuant to article 15(1), of any property or rights which were transferred from the relevant authority to the Residuary Body by a relevant instrument; and

(b)

any other money which the Residuary Body determines is held for the purposes of or in connection with any property, rights, liabilities or related functions which were so transferred and is no longer required for those purposes or in that connection.

(3)

In paragraph (1) above, “reserved money”means any money which the Residuary Body has set aside to meet—

(i)

expenditure which it has incurred or will incur for the purposes of or in connection with any property, rights or liabilities or related functions which were transferred from the relevant authority to the Residuary Body by a relevant instrument; or

(ii)

payments to be made in connection with any transfers pursuant to article 15(1) (including the costs of such transfers).

(4)

For the purpose of any payment under paragraph (1) above—

(a)

the appropriate proportion in relation to any successor authority in relation to a relevant authority is the proportion equal to the proportion which the population of the relevant area in relation to that authority bears to the total of the populations of the relevant areas in relation to all such successor authorities; and

(b)

the population of a relevant area shall be taken to be the number estimated by the Registrar General by reference to the latest date in respect of which such an estimate is available.