Article 3 Definition of “the value of their net assets” for the purposes of section 29 of the Act

In relation to any water authority “the value of their net assets” is defined, for the purposes of section 29 of the Water Act 1973, as the mean between the total net value, at current cost, of the assets held by the authority for the purposes of their functions (other than functions relating to land drainage) on 1st April 1988 and of the assets so held on 31st March 1989.