Modifications etc. (not altering text)
C1Pt. 1 (ss. 1-21) applied (temp. from 4.5.1995 to 31.3.1996) by S.I. 1995/1042, art. 4(1)
Pt. 1 (ss. 1-21): power conferred to make provisions about matters of the kind dealt with in this part (1.9.1997) by 1997 c. 50, s. 44(1), Sch. 4 para. (j)(i); S.I. 1997/1930, art. 2(1)(2)(m) (subject to art. 2(3))
Pt. 1 (ss. 1-21): extended (E.W.) (26.10.2000 for E. and 28.7.2001 for W.) by 2000 c. 22, ss. 23, 108(4), Sch. 1 para. 3(13); S.I. 2000/2849, art. 2(c)
C2Pt. 1 (ss. 1-21): extended (E.) (6.5.2002) by The Local Authorities (Elected Mayor and Mayor's Assistant) (England) Regulations 2002 (S.I. 2002/975), regs. 1(2), 3(6)
(1)On and after the commencement day the Common Council shall—
(a)make arrangements for the proper administration of such of its financial affairs as relate to it in its capacity as a local authority, police authority or port health authority, and
(b)secure that one of its officers has responsibility for the administration of those affairs.
(2)Section 17 of the M1City of London Sewers Act 1897 (functions of the chamberlain of the City of London as regards financial affairs) shall cease to have effect on the commencement day.
(3)On and after the commencement day the person having responsibility for the administration of certain of the financial affairs of the Common Council under subsection (1) above shall—
(a)be a member of one or more of the bodies specified in subsection (5)below; or
(b)be the person who immediately before that day was the chamberlain of the City of London; or
(c)be a person who qualifies by virtue of section 113(2)(b) of the M2Local Government Finance Act 1988 (existing office holders) as a person who may be given responsibility for the financial affairs of an authority mentioned in section 111(2)(a) to (k) of that Act; or
(d)fulfil two or more of those conditions.
(4)On and after the commencement day the person having responsibility for the administration of the financial affairs of a new successor body under section 73 of the M3Local Government Act 1985 shall—
(a)be a member of one or more of the bodies specified in subsection (5)below; or
(b)be the person who immediately before that day had responsibility for the administration of the financial affairs of the body concerned under the said section 73; or
(c)be a person who qualifies by virtue of section 113(2)(b) of the Local Government Finance Act 1988 (existing office holders) as a person who may be given responsibility for the financial affairs of an authority mentioned insection 111(2)(a) to (k) of that Act; or
(d)fulfil two or more of those conditions.
(5)The bodies referred to in subsections (3)(a) and (4)(a) above are—
(a)the Institute of Chartered Accountants in England and Wales;
(b)the Institute of Chartered Accountants of Scotland;
(c)the Chartered Association of Certified Accountants;
(d)the Chartered Institute of Public Finance and Accountancy;
(e)the Institute of Chartered Accountants in Ireland;
(f)the Chartered Institute of Management Accountants;
(g)any other body of accountants established in the United Kingdom and forthe time being approved by the Secretary of State for the purposes of this section.
(6)The Secretary of State may make regulations containing, as regards the Common Council and any new successor body to which section 73 of the M4Local Government Act 1985 applies, provisions equivalent to sections 114 to 116 of the M5Local Government Finance Act 1988 (reports etc.) subject to—
(a)modifications to confine the provisions to the Common Council in its capacity as a local authority, police authority or port health authority; and
(b)any other modifications the Secretary of State thinks fit;
and any such regulations may contain such incidental provision and such supplemental, consequential and transitional provision in connection with their other provisions as the Secretary of State considers appropriate.
(7)In this section—
“the commencement day” means the day on which this section comes into force;
“the Common Council” means the Common Council of the City of London;
“new successor body” means a body corporate established at any time by an order under section 67(3) of the Local Government Act 1985 (new body succeeding to residuary body’s functions).
(8)This section shall come into force at the expiry of the period of two months beginning on the day this Act is passed.