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

Local Authorities (Companies) Order 1995

9.—(1) Subject to paragraphs (2) to (5), article 8 (provision of financial information to authority) and Part V (capital finance) of the 1995 Order shall be revoked on 1st April 2004 to the extent not already revoked by virtue of the repeal of section 39(5) to (7) of the 1989 Act (application of Part IV) on that date(1).

(2) Article 8 of the 1995 Order shall continue to have effect on and after 1st April 2004, as if it had not been revoked on that date, for the purposes of any information required by an authority in so far as it relates to any financial year beginning before 1st April 2004.

(3) Any sum, consideration, credit transaction, variation, liabilities or reduction in liabilities which is or are treated by virtue of paragraph (1) of article 13 of the 1995 Order (receipts, contracts and liabilities of regulated companies) as having been received, entered into, agreed, incurred or, as the case may be, made by the relevant authority during a financial year beginning before 1st April 2004 shall cease to be so treated for the purposes of any financial year beginning on or after that date.

(4) Article 14 (application of Part IV: requirement for credit cover) shall continue to have effect until but not including 1st October 2004, as if it had not been revoked on 1st April 2004, for the purposes of—

(a) any determination made under paragraph (5) in relation to the current year(2) beginning on 1st April 2002; and

(b) any designation made under paragraph (8) in relation to credit cover provision having effect for a financial year beginning before 1st April 2004.

(5) Article 15 (increase in credit approval) of the 1995 Order shall continue to have effect until but not including 1st October 2004, as if it had not been revoked on 1st April 2004, in relation to a relevant credit approval having effect for a financial year beginning before 1st April 2004.

(6) Part V of the 1995 Order shall continue to have effect until but not including 1st October 2004, as if it had not been revoked on 1st April 2004, for the purposes of the savings in paragraphs (4) and (5) above.

(7) Part IV of the 1989 Act (revenue accounts and capital finance of local authorities) shall continue to have effect until but not including 1st October 2004, as if it had not ceased to have effect or been repealed by virtue of the 2003 Act(3), for the purposes of the savings in paragraphs (4) and (5) above.

(1)

The 1995 Order is made under sections 39(5) to (7), 67(4), 70(1) and (5) and 71(1)(b) of the 1989 Act.

(2)

See paragraph (1) of article 14 of the 1995 Order for the meaning of “current year”.

(3)

See section 127 of, and paragraph 29 of Schedule 7 and Schedule 8 to, the 2003 Act.