An Act to specify as £258,179,588 the amount which the Greater London Council are to pay to London Regional Transport under section 49 of the London Regional Transport Act 1984.
[11th March 1985]
Be it enactedby the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
(1)For subsections (1) to (4) of section 49 of the [1984 c. 32.] London Regional Transport Act 1984 (grants by GLC for initial year of LRT) there shall be substituted—
“(1)The Greater London Council shall under this section pay to London Regional Transport by way of grant for the initial year (that is to say, the financial year ending on 31st March 1985) the sum of £258,179,588.”
(2)The sum payable by virtue of subsection (1) above shall be paid on the day after that on which this Act is passed unless this Act is passed before 25th March 1985 in which case—
(a)£211,879,588 shall be paid as aforesaid; and
(b)the remainder on 29th March 1985.
(3)In subsection (5) of the said section 49 (liability for interest) for the words " If any amount so payable is not paid on or before the date so specified " there shall be substituted the words " If any amount payable in respect of the sum mentioned in subsection (1) above is not paid on or before the date on which it is required to be paid " .
This Act may be cited as the London Regional Transport (Amendment) Act 1985.