Section 79.
1(1)Any amount of residual subsidy payable for the year 1972-73 under section 2(7)(b) of this Act shall be treated by the local authority as a capital receipt for that year, and the local authority shall apply it to reduce any debt in respect of which loan charges are required to be debited to the housing revenue account under paragraph 2 of Schedule 4 to this Act.
(2)In complying with the requirements of this paragraph a local authority shall act in accordance with such directions, if any, as may be given by the Secretary of State.
2(1)No housing repairs account shall be kept for the year 1972-73 or any subsequent year.
(2)Any deficit or surplus in a housing repairs account as at the end of the year 1971-72 where such deficit or surplus exceeds an amount per house which is £1 for the year 1971-72 shall be treated for the year 1972-73 as a capital sum; and any such deficit shall be met by a loan for such period as may be specified, either generally or in any particular case, by the Secretary of State the charges relating to which shall be debited to the housing revenue account under paragraph 2 of Schedule 4 to this Act, and any such surplus shall be applied to reduce any debt in respect of which loan charges are required to be debited to the housing revenue account under the said paragraph 2 or to such other purpose as may be approved by the Secretary of State.
(3)Any deficit or surplus in a housing repairs account as at the end of the year 1971-72 where such deficit or surplus is an amount per house which is £1 or less for that year shall be debited or, as the case may be, credited to the local authority's housing revenue account for the year 1972-73, and any such deficit shall be treated as if it represented expenditure on repairs for that year in addition to any repairs actually carried out.
(4)Any investment under section 63 of the Act of 1968 (temporary application of money in housing accounts) of money credited to a housing repairs account shall be realised not later than the end of the year 1972-73 and the amount realised shall be applied to reduce the deficit or, as the case may be, increase the surplus referred to in sub-paragraphs (2) and (3) above or to create such a surplus.
(5)In complying with the requirements of this paragraph a local authority shall act in accordance with such directions, if any, as may be given by the Secretary of State.
(6)Any charges debited to the housing revenue account arising from a loan, or any reduction in loan charges debited to that account arising from any reduction of debt, resulting from the provisions of sub-paragraph (2) above shall be disregarded for the purposes of section 3 of this Act.
3(1)No housing equalisation account shall be kept for the year 1972-73 or any subsequent year.
(2)Any balance in a housing equalisation account as at the end of the year 1971-72 shall be treated for the year 1972-73 by the local authority as a capital receipt, and the local authority shall apply it to reduce any debt in respect of which loan charges are required to be debited to the housing revenue account under paragraph 2 of Schedule 4 to this Act or to such other purpose as may be approved by the Secretary of State.
(3)For each year the local authority shall carry to the credit of the housing revenue account amounts equal to any income, and receipts in the nature of income, being income or receipts arising to the local authority for that year from the investment or other use of money representing any sum treated as a capital receipt in pursuance of this paragraph.
(4)In complying with the requirements of this paragraph a local authority shall act in accordance with such directions, if any, as may be given by the Secretary of State.
(5)Any reduction in loan charges debited to the housing revenue account arising from any reduction of debt resulting from the provisions of sub-paragraph (2) above shall be disregarded for the purposes of section 3 of this Act.
4An application under Part VI of the Act of 1971 as originally enacted for a qualification certificate which has not been disposed of before the coming into force of this Act shall be treated as if made under the said Part VI as modified by Schedule 7 to this Act.