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Article 6 Transfer of Money

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)
(a)

Immediately before the transfer date the Residuary Body shall set aside from its revenue balances the sum of £2 million; and

(b)

on the transfer date the Residuary Body shall pay that sum to Bromley.

(2)

The sum referred to in paragraph (1) shall be applied by Bromley to defray expenditure incurred by it in consequence of the provisions of this Order.

(3)

If the defraying of expenditure does not exhaust the sum referred to in paragraph (1) Bromley shall apportion the remaining amount among the local councils and the Common Council; and shall pay the appropriate proportion to each of the other local councils and the Common Council and retain the balance.