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The West Yorkshire Residuary Body (Transfer of Property etc.) Order 1990
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Consequential financial provisions
8.—(1) Any net capital receipts paid to a local council pursuant to article 2(7)(b) and the balance of the net capital receipts retained by Wakefield pursuant to article 2(9) shall be treated for the purposes of Part IV of the 1989 Act (revenue accounts and capital finance of local authorities) as capital receipts of the relevant council.
(2) Any net grant or subsidy paid to a local council pursuant to article 2(7)(c) and the balance of the net grant and subsidy retained by Wakefield pursuant to article 2(9) shall be treated for the purposes of Part IV of the 1989 Act as capital receipts of the relevant council.
(3) The reserved part of the net capital receipts paid to a local council pursuant to article 2(7)(b) and of the balance of the net capital receipts retained by Wakefield pursuant to article 2(9) shall be 50 per cent.
(4) The reserved part of the net grant and subsidy paid to a local council pursuant to article 2(7)(c) and of the balance of the net grant and subsidy retained by Wakefield pursuant to article 2(9) shall be 100 per cent.
(5) Sums received by Wakefield in respect of the disposal of assets vested in them by articles 2(1)(a) and 2(4) shall not be treated as capital receipts for the purposes of Part IV of the 1989 Act.
(6) Any lease transferred by virtue of this Order shall be excluded from section 48 of the 1989 Act (credit arrangements).
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