PART IMODIFICATIONS OF PART IV OF THE 1989 ACT
1. In section 52 (transitional credit arrangements), in subsection (1), there shall be inserted after the words “a local authority” the words “except the Lee Valley Regional Park Authority”.
2. In section 58 (capital receipts)–
(a)for subsection (4) there shall be substituted–
“(4) To the extent that sums received by the Lee Valley Regional Park Authority before1st April 1991 in respect of a transaction under section 21 of the Lee Valley Regional Park Act 1966 are represented in the authority’s accounts for the financial year ending immediately before that date either by amounts shown as capital receipts which are unapplied at the end of that year or by amounts included in the balance as at the end of that year of the capital fund established under section 49 of the said Act of 1966, those sums shall be treated for the purposes of this Part on and after that date as within the usable part of the authority’s capital receipts.”(1);and
(b)in subsection (5), the words “paragraphs (a)and (b) of” shall be omitted,and for the words “a fund” there shall be substituted the words “the capital fund”.
3. Part II of Schedule 3 (non-monetary consideration received before April 1990) shall be omitted.