Regulation 10 Holdings and investments
(1)
Any sum paid into a charging authority’s collection fund which is not immediately required for the purpose of making payments or transfers from that fund shall be—
(a)
invested in a prescribed investment;
(b)
held in cash; or
(c)
transferred to the charging authority’s general fund.
(2)
Any sum transferred under paragraph (1) from an authority’s collection fund to its general fund shall be—
(a)
invested in a prescribed investment;
(b)
held in cash; or
(c)
used for the discharge of the authority’s functions.
(3)
A prescribed investment is an investment prescribed in Schedule 2 to these Regulations.