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London Regional Transport Act 1984

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Grants by Greater London Council for initial yearE+W

49 Grants by Greater London Council for year including appointed day.E+W

[F1(1)The Greater London Council shall under this section pay to London Regional Transport by way of grant for the initial year (that is to say, the financial year ending on 31st March 1985) the sum of £258,179,588.]

(5)[F2If any amount payable in respect of the sum mentioned in subsection (1) above is not paid on or before the date on which it is required to be paid], interest on that amount shall be payable to London Regional Transport at the rate for the time being applicable for the purposes of section 12(8) of the M1General Rate Act 1967 (interest on amounts due under precepts).

(6)The Secretary of State may by notice in writing to London Regional Transport make the application by London Regional Transport of any sums received by them by virtue of this section subject to such terms and conditions as the Secretary of State thinks fit.

(7)Sections 12(2) to (4) and 15(9) and (10) of this Act shall apply in relation to sums so received as they apply in relation to sums received by way of grants under section 12 of this Act (taking the reference in section 12(2) to any such terms and conditions as a reference to any terms and conditions applicable by virtue of subsection (6) above).

(8)Any reference in—

(a)Article 1 of the M2Capital Allowances (Relevant Grants) (No. 2) Order 1969, as it has effect by virtue of paragraph 4 of Schedule 5 to this Act; and

(b)section 83(4)(d) of the M3Capital allowances Act 1968, as substituted by paragraph 4 of Schedule 6 to this Act;

to a grant made under section 12 of this Act shall be read as including a reference to a grant made under this section.

(9)As respects the period beginning with the appointed day and ending with 31st March 1985, paragraphs 25B(a) and 29A of Schedule 2 to the M4London Government Act 1963 shall have effect as if for references to the Executive there were substituted references to London Regional Transport.

(10)In this section “financial year” means a period of twelve months beginning with 1st April.

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