12(1)The share of the net proceeds of a relevant scheme of a London traffic authority is available only for application in accordance with regulations made by the Secretary of State.
(2)Regulations under sub-paragraph (1) shall provide for—
(a)paragraphs 16 to 24 of Schedule 23 to the [1999 c. 29.] Greater London Authority Act 1999, or
(b)paragraphs 22 to 30 of Schedule 24 to that Act,
to apply in relation to a relevant scheme with any such modifications as the Secretary of State considers appropriate.
(3)Before making regulations under sub-paragraph (1) the Secretary of State shall consult the Greater London Authority.