Article 34 Amalgamation of capital, and renewal and repairs, funds

(1)

This article shall apply to the Greater London Council or a London borough council on the establishment by such council of a capital fund or a renewal and repairs fund under section 1 of the Local Government (Miscellaneous Provisions) Act 1953 (in this article referred to as “the new capital fund” of “the new renewal and repairs fund”, as the case may be).

(2)

Any capital fund transferred to the council by the London Authorities (Property etc.) Order 1964 shall be amalgamated with the new capital fund, and accordingly—

(a)

all moneys in or standing to the credit of such fund shall form part of or stand to the credit of the new capital fund;

(b)

any amount which, but for the provision of this paragraph, would fall to be paid or credited to such fund under the provisions of any enactment shall, subject to the provisions of section 2(2) of the said Act, be paid into the new capital fund.

(3)

Any renewal and repairs fund so transferred to the council shall be amalgamated with the new renewal and repairs fund, and accordingly—

(a)

all moneys in or standing to the credit of such fund shall form part of or stand to the credit of the new renewal and repairs fund;

(b)

any amount which, but for the provision of this paragraph, would fall to be paid or credited to such fund under the provisions of any enactment shall, subject to the provisions of section 3(2) of the said Act, be paid into the new renewal and repairs fund.