Local Government Finance Act 1988

94 The City: further provisions

(1) The Secretary of State may make regulations—

(a) about the relationship of the City fund to other funds of the Common Council;

(b) providing for assets falling within the City fund to be held in separate funds within the City fund;

(c) prohibiting the Common Council from establishing funds.

(2) The regulations may provide that any fund established by the Common Council on or after 1 April 1990, and falling within a prescribed description, is to be maintained as a separate fund falling within the City fund.

(3) The regulations may provide that such assets as are transferred to the City fund under section 93(6) above and fall within a prescribed description shall be held in separate funds falling within the City fund; and the number and composition of the separate funds shall be such as are prescribed.

(4) The regulations may provide that the Common Council shall not establish or maintain on or after 1 April 1990 a fund into which both the following must or may be paid—

(a) sums which must be paid into the City fund under section 93(3) above, and

(b) other sums.

(5) The regulations may provide that the Common Council shall not establish or maintain on or after 1 April 1990 a fund from which both the following must or may be met—

(a) payments which must be met from the City fund under section 93(4) above, and

(b) other payments.