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(1)For the purpose of defraying the expenses of a district council on the functions vested in the council by this Act or any other enactment or any statutory order so far as not met otherwise, the council shall annually and not later than the first day of July in each year cause a requisition to be sent to the county council requiring that council to pay to the district council the sum specified in the requisition, so however that the county council shall not in any year be required to pay over to the district council any sum in excess of the produce of the maximum amount per pound of the district council rate according to the limit imposed by section two hundred and twenty-six of this Act together with any grant under Part III of the Local Government (Scotland) Act, 1929, that may be properly applicable and after account has been taken of any balance in the hands of the county council in respect of the district council rate levied in a previous year or any overpayment to the district council in a previous year.
(2)Subject to the provisions of the preceding subsection, the county council shall, from time to time as they collect the rate and at such intervals as they and the district council agree and failing agreement as the Secretary of State may determine, pay over to the district council the sum requisitioned as aforesaid without any deduction whatever, so however that the last instalment shall be payable not later than the first day of May first occurring after the date of the requisition.
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