HC Deb 04 July 1985 vol 82 cc586-7

'(1) The Council shall prepare a revenue account not later than 30th September in the financial year following that year. (2) A revenue account must show a true and fair view of the financial result of the Council having exercised the powers of this Act in the financial year to which it relates. (3) If at the end of any financial year any revenue account is in deficit, the amount of the deficit shall be charged— (a) in the first instance to any reserve fund established by them; and (b) subject thereto to the general rate fund.

(4) In subsection (3) above, the reference in paragraph (a) to a reserve fund established by the Council is a reference to a fund the sole purpose of which is to meet any expenditure incurred by them in connection with the exercise of the powers of this Act. (5) If the revenue accounts for the first five financial years in which the Council provide motor races show a cumulative deficit the power to provide motor races shall cease to be exercisable by the Council.'—[Sir R. Eyre.]

Brought up, read the First and Second time, and added to the Bill.

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