The Greater Manchester Residuary Body (Winding Up) Order 1989

Transfer of monies

4.—(1) Immediately before the transfer date, the Residuary Body shall set aside from their revenue balances the sum of £150,000 (“the special fund”), to meet their expenditure between the transfer date and 31st October 1989.

(2) On the transfer date all monies held by the Residuary Body and all sums standing to the credit of that Body on any account (other than the special fund) shall vest in Stockport.

(3) On or before 31st March 1990 Stockport shall pay to each of the other local councils the appropriate capital and appropriate revenue sums as defined in paragraph (4).

(4) In paragraph (3)—

“appropriate capital sum” means a sum equal to the appropriate proportion of the aggregate amount of capital money held by the Residuary Body or standing to its credit on any account immediately before the transfer date;

“appropriate revenue sum” means a sum equal to the appropriate proportion of the aggregate of all other sums which immediately before the transfer date are held by, or stand to the credit of, the Residuary Body on any account other than the special fund.

(5) The amounts reflecting the difference between the amounts vested by paragraph (2) and the amounts which fall to be paid to other local councils by paragraph (3) shall be retained by Stockport as their share of the vested amounts.

(6) In this article “capital money” means monies described in article 2(2)(a) of the Local Government Reorganisation (Capital Money) (Metropolitan Counties) Order 1986(1).

(1)

S.I. 1986/2063.