The London Residuary Body (Pits at Stone) Order 1994

Citation, commencement and interpretation

1.—(1) This Order may be cited as the London Residuary Body (Pits at Stone) Order 1994 and shall come into force on 31st December 1994.

(2) In this Order—

“Bexley” means the council of the London Borough of Bexley;

“the Common Council” means the Common Council of the City of London in their capacity as a local authority;

“local council” means the council of a London borough;

“the Residuary Body” means the London Residuary Body;

“the total sum” has the meaning given by article 3(2); and

“the transfer date” means 3rd January 1995.

(3) In this Order a reference to “relevant expenditure” is a reference to—

(a) expenditure incurred in consequence of the provisions of this Order, including expenditure incurred before the transfer date in preparation for the transfer to Bexley of the rights and liabilities transferred to it by this Order, and

(b) a sum representing interest on the relevant amount, calculated on a day to day basis, at the average rate.

(4) For the purposes of paragraph (3) the relevant amount is the excess (if any) on any day of the sum of—

(a) any relevant expenditure referred to in paragraph (3)(a) incurred on or before that day, and

(b) any distribution under article 4(3) made on or before that day,

over the sum of—

(a) the total sum on that day, and

(b) any sum recovered under article 4(4) on or before that day.

(5) For the purposes of paragraph (3) and articles 3(3) and 4(7) the average rate over any period is the average of the 7 day London Interbank Offer Rates (as published daily in the Financial Times) having effect during that period.