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F1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)Any annual or other periodic payments which, apart from this subsection, would fall to be made by the Secretary of State to a residuary body by virtue of any enactment relating to the housing functions of the Greater London Council or a metropolitan county council may be commuted by him into a single payment either by agreement with that body or, in default of agreement, by an order made by him in that behalf.
(3)Where any annual or other periodic payments falling to be made to a residuary body are commuted under subsection (2) above and annual or other periodic payments corresponding to or related to those payments would, apart from this subsection, fall to be made by that body to another person, then, unless those payments are commuted into a single payment by agreement between that body and that person, they may be so commuted by an order in that behalf made by the Secretary of State.
(4)Any commutation by an order under this section shall be on such terms as appear F1. . . the Secretary of State, F1. . ., to be just and equitable; and any order under subsection (2) or (3) above shall require the consent of the Treasury.
Textual Amendments
F1S. 64(1) and words in s. 64(4) repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt. II.
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