Part VIIIE+W Financial Provisions

Residuary bodiesE+W

77 Treatment and distribution of capital and other money.E+W

(1)The Secretary of State may by order provide—

(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(b)for the payment by a residuary body to [F2any authority to which this subsection applies] of such part (if any) of any capital money received by that body as is specified in the order.

(2)Subsection (1) above applies to any [F3billing authority] in the area for which the residuary body in question is established and to any new authority established for (or for an area which includes or is included in) that area.

(3)An order under subsection (1) above may—

(a)apply only to capital money of a particular description or make different provision in relation to capital money of different descriptions;

(b)apply only to some of the authorities to which that subsection applies or make different provision in relation to different authorities; . . . F4

(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

(4)A residuary body may in any financial year distribute among [F3the billing authorities] in the area for which it is established any money (other than capital money) for the time being in the hands of that body; and any such distribution shall be in the same proportions as those that would apply to a levy made by it on those authorities in respect of that year.

(5)In this section “capital money” means money of such description as may be specified for the purposes of this section by an order made by the Secretary of State [F3and references in this section to a billing authority shall be construed as references to an authority, other than the Council of the Isles of Scilly, which is a billing authority for the purposes of Part I of the Local Government Finance Act 1992.].

Textual Amendments

F2Words substituted by S.I. 1990/776, art. 8, Sch. 3 para. 26

F3Words in s. 77(2)(4)(5) substituted (1.4.1993) by S.I. 1993/616, art. 3, Sch. 2 Pt. I para. 5.

F4S. 77(3)(c) and word immediately preceding it repealed by Local Government and Housing Act 1989 (c.42, SIF 81:1), s. 194(2), Sch. 12 Pt. I

Modifications etc. (not altering text)

C1S. 77 amended by S.I. 1985/1884, art. 9(1)