Certain county council funds
14.—(1) This article applies to the county councils of Brecon, Denbigh, Glamorgan, Merioneth and Monmouthshire.
(2) The balances on the following funds, namely—
the county fund
any capital fund
any renewal and repairs fund
any fund of substantially similar nature to a capital fund or a renewal and repairs fund
of a county council to whom this article applies shall be apportioned between the new counties in which any parts of the area of such council are comprised in the proportions which the aggregate rateable value of all the hereditaments in the several parts, as shown in the valuation lists immediately before 1st April 1974, bear to the aggregate rateable value of all the hereditaments in all such parts, and the amounts so apportioned shall be payable to the councils of such counties.