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(1)In subsection (1) of section one hundred and twelve of the Local Government Act, 1948 (which provides for the payment of financial loss allowances to members of bodies to which Part VI of that Act applies), after the words " financial loss allowance " there shall be inserted the words " not exceeding such amount as may be prescribed ".
(2)A statutory instrument containing regulations made under section one hundred and seventeen of the said Act, being regulations made for the purposes of section one hundred and twelve of that Act as amended by this section, shall be subject to annulment in pursuance of a resolution of either House of Parliament.
(3)The proviso to the said section one hundred and twelve (which imposes specific limits on the amount of any payment under that subsection in respect of any one period of twenty-four hours) shall cease to have effect on such date as may be prescribed by regulations made as aforesaid.
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