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Local Government Act 1929

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This is the original version (as it was originally enacted).

5(1)There shall in respect of every year be paid out of the general moneys of the fund—

(a)in respect of administrative expenses, a sum equal to one-half of one per cent. of the aggregate of the estimated rate relief of the companies in respect of that year or such higher percentage thereof as the tribunal may allow on application in that behalf being made by the companies; and

(b)any interest payable on sums borrowed by the Railway Clearing House in accordance with the provisions of this Schedule; and

(c)to each of the companies a sum, determined in accordance with the provisions of the scheme, equal to the amount of the rebates allowed by the company under the scheme in respect of selected traffics delivered in that year for conveyance by railway.

(2)Out of the sum payable under sub-paragraph (1) (a) of this paragraph there shall be allocated and paid to the Railway Clearing House a sum equal to the amount of the administrative expenses incurred by them in that year in giving effect to the provisions of this Schedule and the balance shall be appropriated for the purpose of meeting the expenses of the "companies incurred in that year under or for the purposes of the scheme and shall be apportioned between the companies and paid to them in proportion to the rebates respectively allowed by them under the scheme.

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