5.—(1) The Board shall apply the sum transferred in accordance with article 3 for the following purposes—
(a)to meet the reasonable costs incurred either by the Board or by the former members of a residual fund-holding practice in preparing the annual accounts of that practice for the part financial year 1999-2000, in accordance with article 7;
(b)to discharge any liabilities transferred to it in accordance with article 4; and
(c)to meet the costs of exercising any rights or discharging any liabilities transferred to it in accordance with article 4.
(2) Where the sum referred to in paragraph (1) is insufficient to cover all of the purposes specified in that paragraph, it is to be applied in the order there set out, and the Board shall be responsible for fulfilling any liabilities that remain outstanding thereafter.
(3) Any sum remaining after the Board has complied with the preceding provisions of this article shall be applied in accordance with article 6.