If the billing authority fails to hold a referendum in accordance with this Chapter, the substitute calculations made in relation to the year under section 52ZF above have effect in relation to the authority and the financial year.
If the authority has not made those substitute calculations, during the period of restriction the authority has no power to transfer any amount from its collection fund to its general fund; and sections 97 and 98 of the 1988 Act have effect accordingly.
In subsection (2) above "the period of restriction" means the period—
beginning with the latest date on which the referendum could have been held, and
ending with the date (if any) when the billing authority makes the substitute calculations.