(1)Out of the county apportionment of the county of London there shall be set aside a sum sufficient to provide for the payment to the common council of the City of London and the council of each metropolitan borough of—
(a)a sum equal to the appropriate percentage of the losses on account of rates and grants of the council:
(b)a sum equal to one-third of the sum which would have been apportioned to the city or borough under paragraph (b) of subsection (1) of section eighty-eight of this Act had it been a county borough and the weighted population thereof calculated without any increase under Rule 2 of the rules set out in Part III of the Fourth Schedule to this Act.
(2)The residue of the county apportionment of the county of London after such sums as aforesaid have been set aside shall be paid to the London County Council, and shall be called the "General Exchequer Grant" of that council.
(3)There shall be paid in respect of each year to the common council and the council of each metropolitan borough a sum equal to the sums so set aside as aforesaid in respect of the City or borough, and the sum so payable to any such council shall be called the " General Exchequer Grant " of that council.
(4)The [57 & 58 Vict. c. 53.] London (Equalisation of Rates) Act, 1894, shall cease to have effect as from the appointed day.