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1. In the year ending on 31st March 1974, a transferee authority shall pay to the Greater London Council by quarterly installments in arrears a sum being the amount of the rents which were receivable by the latter authority on 31st March 1973, less the following amounts:—
(i)the estimated value of rent rebates on 31st March 1973 applicable to the said rents calculated as if the housing accommodation had not been transferred, less the estimated amount which the Greater London Council would have received by way of rent rebate subsidy if the housing accommodation had not been transferred; and
(ii)an amount representing the proportion of “reckonable expenditure” (as determined by the Secretary of State under section 4 of the Housing Finance Act 1972) which would have been attributed in the year ending 31st March 1973 to the costs to the Greater London Council of management and maintenance of the housing accommodation transferred by this order if it had not been so transferred.