The Merseyside Residuary Body (Winding Up) Order 1989

Transfer of monies

3.—(1) (a) Immediately before the transfer date the Residuary Body shall set aside from its revenue balances the sum of £100,000; and

(b) on the transfer date the Residuary Body shall transfer that sum to Wirral.

(2) Immediately before the transfer date the Residuary Body shall set aside from its revenue balances the sum of £1 million to meet its expenditure between the transfer date and 30th March 1990.

(3) 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 sums referred to in paragraphs (1) and (2)) shall vest in Liverpool.

(4) On or before 30th March 1990 Liverpool shall pay to each of the other local councils the appropriate capital and appropriate revenue sums as defined in paragraph (5).

(5) In paragraph (4)—

“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.

(6) The amounts reflecting the difference between the amounts vested by paragraph (3) and the amounts which fall to be paid to other local councils by paragraph (4) shall be retained by Liverpool as their share of the vested amounts.

(7) 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.