SCHEDULE 15 Superseded Contributions, Grants, Subsidies, &c.
Part IV Town Development Subsidy
Communication of subsidy and payments to receiving authority
5
(1)
The Secretary of State may, with the agreement of the sending authority and the receiving authority, determine—
(a)
to commute further payments of transitional town development subsidy into a single payment of an amount to be determined by him or calculated in a manner determined by him, and
(b)
to commute the corresponding payments by the sending authority to the receiving authority under paragraph 4 into a single payment of four times that payable under paragraph (a).
(2)
In making a determination the Secretary of State shall make such allowance, if any, as appears to him appropriate for circumstances in which, if there were no commutation, his power under paragraph 3 to reduce or discontinue the sending authority’s transitional town development subsidy might be exercised.