(1)The Secretary of State may make regulations for and in connection with conferring on the Mayor power to direct any functional body to pay to the Authority such percentage as may be specified in the direction of so much of the usable part of the body’s capital receipts as may be so specified.
(2)The power conferred on the Mayor must be exercisable only for the purpose of enabling the amount paid under such a direction (the “relevant amount”) to be applied towards meeting expenditure for capital purposes of another functional body or of the Authority (“the assisted body”).
(3)The provision that may be made by regulations under subsection (1) above includes provision—
(a)with respect to the percentage or maximum percentage that may be specified in a direction;
(b)with respect to the portion of the usable part of a functional body’s capital receipts in respect of which a direction may be issued;
(c)requiring a direction to be complied with before the expiration of a prescribed period;
(d)requiring the Mayor, within such time or in such manner as may be prescribed, to notify the functional bodies of decisions taken with respect to the exercise of powers conferred by the regulations;
(e)for and in connection with enabling the Mayor to permit the relevant amount to be applied towards meeting expenditure for capital purposes of the assisted body generally or to require it to be applied towards meeting only such expenditure of a particular description;
(f)for and in connection with treating the whole or a prescribed part of the relevant amount as added to the usable part of the capital receipts of the assisted body, for the purposes of Part IV of the [1989 c. 42.] Local Government and Housing Act 1989;
(g)for and in connection with requiring an assisted body to apply the relevant amount only for the purposes for which it was paid to the body.
(4)In this section “prescribed” means prescribed by regulations.