Paragraph 3
A local authority shall for every period of six months declare, on a date falling within the month immediately preceding that period—
(a)
a rate applicable to the advances and transfers mentioned in section 438(1)(a) and (c) (advances under section 435 and transfers of mortgages under section 442), and
(b)
a rate applicable to sums left outstanding as mentioned in section 438(1)(b) (sums left outstanding on disposal of house).