Part IIIFinancial Provisions

Chapter IVRevenue Accounts and Capital Finance

Credit approvals

114Additional credit approval

(1)

Any Minister of the Crown may at any time issue to the Mayor, in the form of a notice in writing, a credit approval with respect to credit arrangements and expenditure for capital purposes.

(2)

A credit approval issued under this section (an “additional credit approval”) shall have effect for such period as is specified in the approval.

(3)

Where an additional credit approval is issued not more than six months after the end of a financial year, the period specified under subsection (2) above may be one which begins, or begins and ends, at any time during that financial year.

(4)

Subsections (2) to (6) of section 113 above shall apply in relation to an additional credit approval as they apply in relation to an aggregate credit approval, but taking—

(a)

any reference to the Secretary of State as a reference to the Minister of the Crown issuing the approval, and

(b)

any reference to the financial year for which the approval is given as a reference to the period for which the approval has effect.