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Changes over time for: Paragraph 2
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Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 01/08/2009.
Changes to legislation:
Local Government Act 2003, Paragraph 2 is up to date with all changes known to be in force on or before 28 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes to Legislation
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Nodiadau Esboniadol
2(1)Subject to sub-paragraph (2), a local authority may borrow money—E+W
(a)for any purpose relevant to its functions under any enactment, or
(b)for the purposes of the prudent management of its financial affairs.
(2)A local authority may only borrow money (whether under sub-paragraph (1) or otherwise)—
(a)for a purpose or class of purpose approved for the purposes of this provision by the appropriate person, and
(b)in accordance with any conditions subject to which the approval is given.
(3)Sub-paragraph (2) does not apply—
(a)to borrowing by way of temporary loan or overdraft from a bank or otherwise of sums which a local authority may temporarily require—
(i)for the purpose of meeting expenses pending the receipt of revenues receivable by it in respect of the period of account in which the expenses are chargeable, or
(ii)for the purpose of meeting expenses intended to be met by means of borrowing in accordance with approval under sub-paragraph (2), or
(b)to borrowing for the purpose of repaying money borrowed in accordance with approval under sub-paragraph (2), where the new borrowing takes place during the fixed period relating to the existing borrowing.
(4)A local authority’s functions under this paragraph shall be discharged only by the authority.
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