# The Local Authorities (Capital Finance) (Amendment No. 3) Regulations 1996, Regulation 3: Initial and subsequent cost of credit arrangements


(1) In regulation 7 —
(a) in paragraph (1), after “any such credit arrangement,” insert “unless it is a specified lease”, and omit the words “or regulation 7A below”;
(b) in paragraph (6)(a), after “(5K) above” insert “and is not a specified lease”, and in paragraph (6)(c), after “were granted by” insert “a specified lease or”;
(c) in paragraph (7), for the words “not falling” substitute “which is not a specified lease and does not fall”, and omit the words “or regulation 7A below”;
(d) in paragraph (10A), for the word “falling” substitute “which is not a specified lease and which falls”, and omit the words “or regulation 7A below”; and
(e) in paragraph (11), after “In this regulation —” insert the following —
““specified lease” means a lease which is a relevant transaction or is one of two or more credit arrangements which, taken together, constitute a relevant transaction within the meaning of regulation 7C, 7D or 7E;.”
(2) Omit regulation 7A.

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Source: https://www.legislation.gov.uk/uksi/1996/2539/regulation/3 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-amendment-no-3-regulations-1996/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.