(1)The sum to be set aside out of the count)' apportionment for payments to the councils of districts shall be such sum as is required to provide for each district wholly or partly within the county a sum calculated for each fixed grant period in accordance with the rules set out in Part IV of the Fourth Schedule to this Act upon the basis of the estimated population of the district or the part of the district within the county, as the case may be, together with such sums as are under the two sections of this Act next following required to be so set aside.
(2)There shall be paid in respect of each year to the council of a district the sums so set aside in respect of the district subject to such additions and deductions as are in pursuance of the provisions hereinafter contained required for adjusting losses and gains of areas in the district, and the sum so payable to the council of the district shall be called the “General Exchequer Grant ” of that council.