3E+WA local authority shall for every period of six months declare, on a date falling within the month immediately preceding that period—
(a)a rate applicable to the advances and transfers mentioned in section 438(1)(a) and (c) (advances under section 435 and transfers of mortgages under section 442), and
(b)a rate applicable to sums left outstanding as mentioned in section 438(1)(b) (sums left outstanding on disposal of house).
[F14(1)The rate declared under paragraph 3(a) or (b) shall be a rate calculated in such manner as the Secretary of State may determine.E+W
(2)A determination under this paragraph—
(a)may make different provision for different cases or descriptions of cases, including different provision for different areas, for different local authorities or for different descriptions of local authorities; and
(b)may be varied or withdrawn by a subsequent determination.
(3)As soon as practicable after making a determination under this paragraph, the Secretary of State shall send a copy of the determination to the local authority or authorities to which it relates.]
Textual Amendments
F1Sch. 16 para. 4 substituted by Local Government and Housing Act 1989 (c. 42, SIF 61), s. 194(1), Sch. 11 para. 88