(1)The Commission shall come into existence on such day (" the first appointed day ") as may be appointed by an order made by the Secretary of State.
(2)The provisions of this Part of this Act relating to the audit of accounts shall have effect in relation to accounts for any period beginning on or after such later date (" the second appointed day ") as may be appointed by an order made by the Secretary of State ; and the amendments made by section 32 and Schedule 4 to this Act shall have effect in relation to any such period.
(3)The Secretary of State may by regulations provide for any statutory provision not contained in this Part of this Act to continue to apply on and after the second appointed day in relation to accounts for any period beginning before that day of bodies falling within subsection (4) below with such modifications, additions and omissions as may be prescribed in the regulations ; and different provision may be made by such regulations in relation to the accounts of bodies of different descriptions and in relation to their accounts for different periods.
(4)The bodies referred to in subsection (3) above are—
(a)the bodies to which section 12 above applies ;
(b)Passenger Transport Executives and the London Transport Executive; and
(c)water authorities and the National Water Council.
(5)The expenses incurred by the Commission between the first and second appointed days shall be paid by the Secretary of State ; and in the two years beginning with the second appointed day the Secretary of State may, with the consent of the Treasury, make to the Commission grants for the purpose of providing it with working capital.