(1)Any money received by a local authority from the disposal of land to which this section applies shall be applied for a purpose for which the land which was the subject of the transaction was held.
(2)Subsection (1) shall not have effect if the Secretary of State approves the money being applied for another purpose [F1or has made directions under section 13(3)].
(3)Subsection (1) applies to land in respect of which income and expenditure is accounted for—
(a)in the housing revenue account, or
(b)in the slum clearance account.
Textual Amendments
F1Words inserted (retrospectively 9.6.1988) by Housing Act 1988 (c. 50, SIF 61), s. 132(6)(8)