Part III Financial Provisions

Chapter IV Revenue Accounts and Capital Finance

Credit approvals

F1114 Additional 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.