The Education (London Residuary Body) (Property Transfer) Order1992

Apportionment of receipts and expenditure of Bromley

8.—(1) All sums realised by Bromley in consequence of the transfer byarticle 3(1)(b) of any property or rights shall after deduction of anyexpenditure attributable to such property and rights ( “relevant expenditure”) be apportioned among the greater London councils and the CommonCouncil in the appropriate proportions; and Bromley shall, not laterthan the end of the financial year in which such sums are received, paythe appropriate proportion to each of the other greater London councilsand the Common Council and shall retain the balance.

(2) If in any financial year the aggregate in that year of the sumsreferred to in paragraph (1) is insufficient to meet any relevantexpenditure of Bromley for that year, the expenditure shall, to theextent that it is not met from the aggregate, be apportioned among thegreater London councils and the Common Council; and the appropriateproportion shall be recoverable by Bromley from each of the othergreater London councils and the Common Council.