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(1)It shall not be lawful for a local authority to incur any liability to meet capital expenses except with the consent of the Secretary of State, and the Secretary of State may, if he thinks fit, give his consent for the purposes of this section—
(a)subject to such conditions as may be specified in the consent;
(b)in relation to such project, or to such programme of works, or to such class of works, or to such amount, as may be so specified;
(c)in relation to expenses to be met by the authority within such financial year as may be so specified.
(2)In this section " capital expenses " means any expenses which are to be charged to a capital or borrowing account, or which, being of a capital nature, are to be met otherwise than out of current revenue.
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