SCHEDULES

SCHEDULE 16 Local Authority Mortgage Interest Rates

Directions by Secretary of State

7

1

The Secretary of State may by notice in writing to a local authority direct it to treat a rate specified in the notice as being the higher of the two rates mentioned in paragraph 1, either for a period specified in the notice or until further notice; and the preceding provisions of this Schedule have effect accordingly.

2

A direction so given may be varied or withdrawn by a further notice in writing.