208Application of receipts from disposal of certain land
(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.
(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.