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Housing Act 1985
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430Application of capital money received on disposal of land.
(1)Capital money received by a local authority in respect of a disposal of, or other dealing with, land held for any of the purposes of this Act shall be applied either in the repayment of debt or for any other purpose for which capital money may properly be applied.
(2)Where section 27 of the [1959 c. 53.] Town and Country Planning Act 1959 (general power to apply capital money without consent) does not apply, the application of capital money in accordance with subsection (1) shall be effected only with the consent of the Secretary of State, except that capital money received in respect of the disposal of, or other dealing with, land held for the purposes of Part II (provision of housing) may, without such consent, be applied by the authority in or towards the purchase of other land for the purposes of Part II.
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