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The Middlesbrough Development Corporation (Functions) Order 2023
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14.—(1) Before the end of the period of 14 days beginning with the certification date, for each previous authority the Corporation must—
(a)calculate the final compensation amount;
(b)for each financial year commencing on or after 1st April 2024, calculate whether there is a surplus or deficit in accordance with paragraph (2) and, if so, the amount of the surplus or deficit;
(c)notify the Secretary of State and the previous authority of the amounts that have been calculated.
(2) Where the amount paid to a previous authority under article 13(1) is—
(a)more than the final compensation amount for that authority, there is a surplus, the amount of which is the difference;
(b)less than the final compensation amount for that authority, there is a deficit, the amount of which is the difference;
(c)the same as the final compensation amount for that authority, there is no surplus or deficit.
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