This section applies where a function is exercisable jointly (by virtue of section 65Z5 or otherwise) by a relevant body and any one or more of the following—
a relevant body;
a local authority (within the meaning of section 2B);
a combined authority;
a combined county authority.
The bodies by whom the function is exercisable jointly may—
arrange for the function to be exercised by a joint committee of theirs;
arrange for one or more of the bodies, or a joint committee of the bodies, to establish and maintain a pooled fund.
A pooled fund is a fund—
which is made up of payments received in accordance with the arrangements from relevant bodies that are party to the arrangements, and
out of which payments may be made in accordance with the arrangements towards expenditure incurred in the exercise of functions in relation to which the arrangements are made.
Arrangements under this section may be made on such terms as may be agreed between the parties, including terms as to payment.
In this section "relevant body" has the meaning given by section 65Z5(2).