# Housing Act 1985, 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).

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Source: https://www.legislation.gov.uk/ukpga/1985/68/schedule/16/paragraph/3 (the official version)
Page: https://openlegislation.uk/housing-act-1985/schedule-16/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.