The Act removes the general requirement for councils to use any capital money derived from the sale of an asset to repay any borrowing for the acquisition of that asset, or to obtain approval from the Department for other uses of capital receipts.
The treatment and use of capital receipts will now be specified in regulations.
Text created by the Northern Ireland Assembly department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes accompany all Acts of the Northern Ireland Assembly.
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