OpenLegislation

Article 10 Constitution of the Grant Redemption Fund

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

(1)

The Grant Redemption Fund of an association shall be constituted and shown in the accounts according to the method set out in this article, and in this article “Fund” means Grant Redemption Fund.

(2)

The surpluses calculated in the manner determined by the Secretary of State under section 53(3) of the 1985 Act shall be shown as such in the property revenue account or, in the case of a co-ownership society or almshouse, in the income and expenditure account of the association.

(3)

The Fund shall be shown in the balance sheet, and the sums shown under paragraph (2) of this article shall be transferred to that Fund.

(4)

Where sums stand in the Fund in respect of previous periods, they shall be accumulated with any sums transferred to the Fund in respect of the period of account.