The Education (London Residuary Body) (Capital Money) Order 1991

1.  In this Schedule—

“compensation payments” means any payment made under Part VI of the Employment Protection (Consolidation) Act 1978(1) or section 178 of the 1988 Act, or by virtue of section 1 of the Pensions (Increase) Act 1971(2) or any order under section 2 of that Act or section 59 of the Social Security Pensions Act 1975(3), or under the Education (Reorganisation in Inner London) (Compensation) Regulations 1989(4) or in satisfaction of contractual rights saved by section 173 of the 1988 Act, but excluding any part of any such payment which is recoverable from any person other than the recipient, and includes such administrative expenses of the LRB as are properly attributable to such payments; and

“distributable capital money” means—

(a)

in respect of the financial year beginning 1st April 1991, the aggregate of the capital money described in article 3(a) and (b) and the direct capital receipts received by the LRB up to and including that financial year less the sums applied by the LRB up to and including that financial year—

(i)

in making the payments required by article 4(2),

(ii)

in facilitating the disposal of other property and relevant land,

(iii)

in facilitating the disposal of records,

(iv)

in making compensation payments, and

(v)

in making repayments of grants or subsidies to the Exchequer or to the European Commission;

(b)

in respect of each subsequent financial year the direct capital receipts received by the LRB in that financial year less the sums applied by the LRB during that financial year for the purposes set out in sub-paragraph (a)(ii) to (v) above.

(1)

1978 c. 44

(2)

1971 c. 56; section 2 was repealed by section 65(3) of the Social Security Pensions Act 1975 but without prejudice to any existing-order made under that section.

(3)

1975 c. 60.

(4)

S.I. 1989/1139, amended by S.I. 1990/1433.