(1)Each new authority shall keep a fund to be known as the general fund; and all receipts of the authority shall be carried to that fund and all liabilities falling to be discharged by the authority shall be discharged out of that fund.
(2)Accounts shall be kept of receipts carried to, and payments made out of, the general fund.
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)Nothing in subsection (1) above shall be construed as requiring or authorising an authority to apply or dispose of the surplus revenue arising from any undertaking carried on by it otherwise than in accordance with any enactment or instrument applicable to the undertaking.
F2[(5)Any reference in this section to a new authority includes a reference to the London Fire and Emergency Planning Authority [F3and a combined authority established under section 103 of the Local Democracy, Economic Development and Construction Act 2009.]]
Textual Amendments
F2S. 72(5) inserted (3.7.2000) by 1999 c. 29, ss. 328(8), 425(2), Sch. 29 Pt. I para. 40 (with Sch. 12 para. 9(1)); S.I. 2000/1094, art. 4(h)
F3Words in s. 72(5) inserted (17.12.2009) by Local Democracy, Economic Development and Construction Act 2009 (c. 20), s. 148(6), Sch. 6 para. 60; S.I. 2009/3318, art. 2(c)
Modifications etc. (not altering text)
C1S. 72(1)(2)(4) amended by S.I. 1985/1884, art. 9(1)
C2S. 72(1)(2)(4) modified by S.I. 1987/2110, art. 2(2), Sch. 1 para. 7(g)