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Regulation 11 Holdings and investments

Original text. Later amendments are not shown.

(1)

Where a sum has been transferred to its general fund or the City fund under regulation 10(1), a charging authority shall–

(a)

immediately retransfer the sum if such a retransfer is required to enable the authority to meet payments or transfers from its collection fund; and

(b)

otherwise retransfer the sum as and when it thinks fit.

(2)

Where an amount is retransfered under paragraph (1) there shall be transferred with it an additional sum representing interest on such amount calculated in accordance with regulation 12.