(1)For the years to which this section applies, contributions shall be made as hereinafter provided to or by rating authorities in respect of the loss or gain to them accruing from the coming into operation of the foregoing provisions of this Part of this Act other than section eight thereof.
(2)For the purposes of this section the loss or gain accruing to a rating authority as aforesaid shall be ascertained in accordance with regulations made by the Minister, and such regulations shall provide that it shall be ascertained, on such assumptions as may be specified in the regulations, by reference to the rate required to be levied for the year 1957-58, to the rate which would have been required to be levied for that year if the foregoing provisions of this Part of this Act (other than section eight thereof) had been in force for that year, and to the product for the area of the rating authority of a rate of one penny in the pound for that year, estimated as if the said provisions had been in force for that year, but with any exceptions or modifications specified in the regulations.
(3)This section applies to the years 1959-60 and 1960-61 and such number of subsequent years as may be specified by regulations under this section.
(4)The amount of .the contribution to a rating authority for the first year to which this section applies shall be the amount of the loss accruing to the authority as ascertained under this section, for the second year to which this section applies shall be nine-tenths of that loss, and for any subsequent year to which this section applies shall be such fraction of that loss as may be provided in relation to that year by regulations under this section.
(5)The amount of the contributions for any year by rating authorities shall be such as in the aggregate to equal the amount of the contributions for that year to rating authorities, and the amount of the contribution by each rating authority shall be proportional to the gain accruing to the authority as ascertained under this section.
(6)Contributions under this section to or by county borough councils or the Council of the Isles of Scilly shall be made by additions to or deductions from the general grants payable under this Part of this Act
(7)Contributions to or by other rating authorities shall be made by adjustments, in accordance with directions of the Minister, of the amounts due under precepts made on them by county councils, and the Minister shall make corresponding adjustments of the general grants payable under this Part of this Act to county councils.
(8)Contributions under this section made to or by a local authority shall be disregarded in ascertaining the expenditure of the authority for the purposes of section five of this Act.
(9)Regulations under this section may contain such provisions as appear to the Minister necessary or expedient for the purposes of this section in consequence of any changes in the area, status or functions of local authorities.
(10)Regulations of the Minister under this section may impose on local authorities requirements to furnish estimates and other information appearing to the Minister necessary for the purposes of this section, including requirements as to the time at which and form in which the information is to be furnished.
(11)Regulations under this section shall not have effect until approved by a resolution of the Commons House of Parliament.