Article 8 Consequential financial provisions

Any net capital receipts or appropriate capital sum paid to a local council pursuant to article 2(3) or 3(4), and the balance of net capital receipts and the appropriate capital sum retained by South Tyneside pursuant to articles 2(5) and 3(6), shall be applied for any purpose for which capital money received by a local council on the disposal of land under Part VII of the Local Government Act 1972 may properly be applied.