92Abolition of central guarantee fund
(1)Immediately before the transfer date—
(a)the central guarantee fund established under section 19 of the Electricity Act 1957 shall cease to exist; and
(b)the sums standing to the credit of that fund shall be divided between the Generating Board and the Area Boards in the appropriate proportions.
(2)In subsection (1) above “the appropriate proportions” means such proportions—
(a)as may be agreed between the Generating Board and the Area Boards not less than four weeks before the transfer date; or
(b)in default of such agreement, as the Secretary of State may determine.