Section 119

Where the Agency holds any funds, or any interest in any funds, which immediately before the transfer date the National Rivers Authority, by virtue of this subsection as originally enacted, was not permitted to use except for particular purposes, those funds or that interest shall not be used except for the purposes for which they could be used by virtue of this subsection as originally enacted. For the purposes of subsection (1) above, “the transfer date” has the same meaning as in Part I of the 1995 Act. Any funds to which subsection (1) above applies shall be disregarded in determining the amount of any surplus under section 44(3) of the 1995 Act.

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Source: legislation.gov.uk · retrieved 2026-07-30