7.—(1) Subject to paragraphs (3) and (4) below, the provisions of the 1994 Act which are listed in paragraph (2) below shall come into force on 1st November 1994 for the purposes of any financial year beginning on or after 1st April 1995.
(2) The provisions referred to in paragraph (1) above are–
(a)section 17 (police grant and other grants);
(b)section 27 (precepts); and
(c)section 28 (approval of decisions about precepts).
(3) In section 39(1)(b) of the Local Government Finance Act 1992(1), as amended by section 27 of the 1994 Act, the reference to “a police authority established under section 3 of the Police Act 1964” shall apply only to a new police authority which has come into existence.
(4) For the purposes of any financial year beginning on or after 1st April 1995, the functions conferred by Chapter IV of Part I of the Local Government Finance Act 1992 shall not be exercised by an old police authority.