The sum to be set aside out of the county apportionment for payments to the councils of small burghs and to the county council for behoof of the landward area shall be such sum as is required to provide for each such burgh within the county, and for the landward area a sum calculated for each fixed grant period in accordance with the rules set out in Part IV of the Seventh Schedule to this Act upon the basis of the estimated population of the burgh or landward area, as the case may be, together with such sums as are under the section of this Act next following required to be so set aside.

There shall be paid in respect of each year to the council of a small burgh and to the county council for behoof of the landward area the sums so set aside in respect of the burgh or landward area, and the sum so payable to the council of the burgh shall be called the General Exchequer Grant of that council, and the sum so payable to the county council for behoof of the landward area shall be called the Landward General Exchequer Grant.