In relation to the year 1071-72 and subsequent years the Local Government (Scotland) Act 1966 shall have effect subject to the amendments specified in sub-paragraph (2) of this paragraph.

In sections 12, 14(1) and 46(1), and in paragraph 2 of Part I, and pargraph 1 of Part II of Schedule 1, for the words “one penny”, wherever they occur, there shall be substituted the words “one new penny”, and in paragraph 3 of Part III of that Schedule for the word “penny”, in both places where it occurs, there shall be substituted the words “one new penny”.