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The Local Government Reorganisation (Capital Money) (Greater London) Order 1989
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Administrative arrangements – distribution of capital money
7.—(1) Within seven days of making any payment required by article 4(1) or (2), the Residuary Body shall notify the Secretary of State of the amount paid.
(2) The Residuary Body shall use its best endeavours to secure that payments required by article 4(2) are made on or before the last day of the financial year in question. Any part of a payment not so made (“the residual amount”) shall be paid no later than 30th June in the next financial year.
(3) Residual amounts shall be deemed to vest in the rating authority entitled to them on the last day of the financial year in question and shall thereafter be regarded as interest-free loans to the Residuary Body by the relevant rating authorities.
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