5(1)For the purpose of the payment of financial loss allowance under section 173(4) of the [1972 c. 70.] Local Government Act 1972, that provision shall apply, with any necessary modifications, to any member of an appeal panel constituted in accordance with paragraph 1 or 2 (or in accordance with either of those paragraphs as it applies by virtue of paragraph 3 or 4) as it applies to any member of a parish or community council; and such an appeal panel shall be included in the bodies to which section 174 of that Act (travelling and subsistence allowances) applies.
(2)In section 174(1) of that Act, in its application to a panel in accordance with sub-paragraph (1), the reference to payments at rates determined by the body in question shall be read as a reference to payments at rates determined—
(a)by the authority, if the panel is constituted in accordance with paragraph 1 (or in accordance with that paragraph as it applies by virtue of paragraph 4); and
(b)otherwise by the governing body or bodies of the school or schools in question.