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(1)It is the duty of a local authority to conduct each of its significant trading operations so that, as respects that operation—
(a)in relation to every three year period; and
(b)taking every year with the two previous years,
revenue is not less than expenditure.
(2)In subsection (1) above, the references to a local authority’s significant trading operations are references to those of its trading operations for which it must, in accordance with proper accounting practices, disclose trading accounts and, in this subsection, “proper accounting practices” is to be construed in accordance with section 12(2) below.
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Text created by the Scottish Government to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills.
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