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The Education (London Residuary Body) (Capital Money) Order 1991
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- UK Statutory Instruments
- 1991 No. 184
- Article 7
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Administrative arrangements — general distribution of capital money
7.—(1) Within seven days of making any payment required by article 5, the LRB shall notify the Secretary of State of the amount paid.
(2) The LRB shall use its best endeavours to secure that payments required by article 5 are made on or before the last day of the financial year in question. Any part of a payment not so made (“the residual amount”) shall be paid no later than 31st August in the next financial year.
(3) Residual amounts shall be deemed to vest in the charging authority entitled to them on the last day of the financial year in question and shall thereafter be regarded as interest-free loans to the LRB by the relevant charging authorities.
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