12Rating of Generating Board and Area Electricity Boards
(1)Payments for the benefit of local authorities in lieu of rates shall not be made by the Electricity Council under the provisions of Part V of the Act of 1948 in respect of any year beginning after the thirty-first day of March, nineteen hundred and fifty-nine; but for the purposes of the making and levying of rates for any rate period beginning alter that date.—
(a)the Generating Board shall be treated as occupying during that period, in each rating area in England and Wales, a hereditament of a rateable value calculated in accordance with the provisions of Part I of the Second Schedule to this Act, and
(b)each Area Board shall be treated as occupying during that rate period, in each rating area which is wholly or partly within the area of that Board, a hereditament of a rateable value calculated in accordance with the provisions of the said Part I.
(2)The hereditament which the Generating Board or an Area Board is to be treated as occupying in a rating area by virtue of the foregoing subsection shall be taken not to be situated in any part of that area in which there are leviable (as an additional item of the general rate) expenses which are not leviable in the area taken as a whole.
(3)The provisions of Part II of the Second Schedule to this Act shall have effect for the purposes of this section.