Article 4 Financial terms

(1)

On the transfer date the trust shall pay to the council—

(a)

£5,755,000 for the housing transferred by this Order;and

(b)

£150,000 in respect of arrears of rent arising, before the transfer date, under tenancies of any of the housing transferred by this Order.

(2)

If any part of the sum payable under paragraph (1) of this article is unpaid, the trust shall further pay the council interest at such rate as may be prescribed by regulations under section 32 of the Land Compensation Act 1961^f1 while it remains unpaid.

Annotations

Footnotes

f1: 1961 c. 33.