http://www.legislation.gov.uk/uksi/1992/587/article/7/madeThe Education (London Residuary Body) (Property Transfer) Order1992Council policies and plansLand registrationCouncil housingKing's Printer of Acts of Parliament2017-05-25EDUCATION, ENGLAND AND WALESLONDON GOVERNMENTThis Order makes provision for the transfer to specified innerLondon borough councils of certain property, rights and liabilitiesoriginally transferred to, or held, acquired or incurred by the LondonResiduary Body ( “the LRB”) by virtue of, or in the exercise of any of its functions under,Part III of the Education Reform Act 1988 ( “the 1988 Act”).
7Apportionment of receipts and expenditure of Kensington and Chelsea1

All sums realised by Kensington and Chelsea in consequence of thetransfer by article 3(1)(a) of any property or rights shall afterdeduction of any expenditure attributable to such property and rights ( “relevant expenditure”) be apportioned among the inner London councils and the CommonCouncil in the appropriate proportions; and Kensington and Chelseashall, not later than the end of the financial year in which such sumsare received, pay the appropriate proportion to each of the other innerLondon councils and the Common Council and shall retain the balance.

2

If in any financial year the aggregate in that year of the sumsreferred to in paragraph (1) is insufficient to meet any relevantexpenditure of Kensington and Chelsea for that year, the expenditureshall, to the extent that it is not met from the aggregate, beapportioned among the inner London councils and the Common Council; andthe appropriate proportion shall be recoverable by Kensington andChelsea from each of the other inner London councils and the CommonCouncil.

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<p>All sums realised by Kensington and Chelsea in consequence of thetransfer by article 3(1)(a) of any property or rights shall afterdeduction of any expenditure attributable to such property and rights ( “relevant expenditure”) be apportioned among the inner London councils and the CommonCouncil in the appropriate proportions; and Kensington and Chelseashall, not later than the end of the financial year in which such sumsare received, pay the appropriate proportion to each of the other innerLondon councils and the Common Council and shall retain the balance.</p>
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<p>If in any financial year the aggregate in that year of the sumsreferred to in paragraph (1) is insufficient to meet any relevantexpenditure of Kensington and Chelsea for that year, the expenditureshall, to the extent that it is not met from the aggregate, beapportioned among the inner London councils and the Common Council; andthe appropriate proportion shall be recoverable by Kensington andChelsea from each of the other inner London councils and the CommonCouncil.</p>
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