Payment of school surplus
5.—(1) Subject to paragraph (2), the authority must pay to the proprietor the amount of any surplus determined under section 7(2) of the Act within one month, beginning with the earlier of the following dates—
(a)the date on which the proprietor informs the local authority that the proprietor agrees with their determination; or
(b)the date on which the period specified in regulation 4(1) (period within which proprietor may apply for review) ends.
(2) If the proprietor applies for a review under regulation 4(1), the local authority must pay to the proprietor the amount of any surplus determined under section 7(2) of the Act or by the Secretary of State under regulation 4(4)(b), as the case may be, within one month, beginning with the date on which the authority is informed of the outcome of the review.