The Local Authorities (Capital Finance) (Further Consequential and Saving Provisions) Order 2004

Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003

7.—(1) In the 2003 Regulations—

(a) paragraphs (b), (e) and (g) of regulation 3 and paragraph (1)(b) of regulation 4 (eligible debt securities - interpretation);

(b) paragraphs (1)(b), (3) and (4)(c) of regulation 8 (entries on registers and records in respect of general local authority securities);

(c) paragraphs (5) and (6) of regulation 14 (eligible Treasury bills etc);

(d) Part 3 of Schedule 1 (dematerialised loan instruments); and

(e) paragraph 2(f) (eligible Treasury bills), paragraph 4 (dematerialised loan instruments) and paragraph 17 (modification of Local Government Act 1972) of Schedule 2,

shall be revoked.

(2) Paragraphs 2(f) and 4(b) of Schedule 2 to the 2003 Regulations shall continue to have effect on and after the date of the coming into force of this Order, as if those paragraphs had not been revoked by virtue of paragraph (1)(e), for the purposes of the definition of “approved investments” in section 66(1) of the Local Government and Housing Act 1989 (interpretation of Part IV)(1).

(3) Paragraph 4(a) of Schedule 2 to the 2003 Regulations shall continue to have effect on and after the date of the coming into force of this Order, as if that paragraph had not been revoked by virtue of paragraph (1)(e), for the purposes of section 40 of the Local Government and Housing Act 1989 (capital purposes)(2).

(1)

Section 66 continues to have effect, for the purposes of certain transitional provisions and savings, by virtue of paragraph 1 of the Schedule to the Local Government Act 2003 (Commencement No. 1 and Transitional Provisions and Savings) Order 2003 (S.I. 2003/2938 (C. 107)) and paragraph 2 of Schedule 2 to the Local Government Act 2003 (Commencement) (Wales) Order 2003 (S.I. 2003/3034 (W. 282) (C. 113)).

(2)

Section 40 continues to have effect in relation to expenditure incurred by a local authority before 1st April 2004 by virtue of paragraph 2 of the Schedule to S.I. 2003/2938 (C. 107) and paragraph 2 of Schedule 2 to S.I. 2003/3034 (W. 282) (C. 113).