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Paragraph 2

Original text. Later amendments are not shown.

In each of the years ending on 31st March 1974, 31st March 1975 and 31st March 1976, the transferee authority shall pay to the Greater London Council by quarterly instalments in arrears a sum being the amount of the rents which would have been receivable by the latter authority on 31st March 1973, 31st March 1974 or 31st March 1975, as the case may be, if the housing accommodation had not been transferred, less the amount of—

(a)

the estimated value of rent rebates in the said year on the basis of the said rents; and

(b)

the costs of management and costs of maintenance which would have been met in the year ending on 31st March 1973, 31st March 1974 or 31st March 1975 as the case may be if the housing accommodation had not been transferred.