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(1)Before the beginning of the year 1948-49 and each subsequent year, the Minister shall estimate for the year in relation to every county district in England and Wales the amount following, that is to say, the amount which is equal to the fraction hereinafter specified of the aggregate of the Exchequer Equalisation Grants which will become payable for that year to the councils of counties in England and Wales outside London, and the council of each county shall pay to the council of each county district in the county the amount so estimated by the Minister in relation to that district.
(2)The said fraction is—
(a)in the case of any county district other than a rural district, one-half of the population of the county district; and
(b)in the case of a rural district, one-quarter of the population of the rural district,
divided, in any case, by the aggregate of the population of all counties in England and Wales outside London.
(3)Any payment under this section may, if the councils concerned so agree, be effected in whole or in part by making the appropriate deduction from the amount due under a precept.
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