# The Tower Hamlets Housing Action Trust (Transfer of Property) Order 1994, Article 5: Financial terms


(1) On the transfer date the trust shall pay to the council£66,000 in respect of arrears of rent arising before thetransfer date under tenancies of any of the land transferred bythis Order.
(2) If any part of the sum payable under paragraph (1) of thisarticle is unpaid, the trust shall further pay the councilinterest at such rate as may be prescribed by regulations undersection 32 of the Land Compensation Act 1961 whileit remains unpaid.
(3) Payments to the council under this article shall not beregarded for the purposes of Part IV of the Local Government andHousing Act 1989 as sums received by the councilin respect of a disposal falling within section 58(1)(a) of theAct.

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Source: https://www.legislation.gov.uk/uksi/1994/695/article/5 (the official version)
Page: https://openlegislation.uk/tower-hamlets-housing-action-trust-transfer-of-property-order-1994/article-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.