# The Local Authorities (Capital Finance) (Amendment No. 3) Regulations 1998, Regulation 8: Disposal of share and loan capital


In regulation 66—
(a) in paragraph (2), for sub-paragraph (c) substitute the following sub-paragraphs—
“(c) is in a company to which the authority has at any time made a disposal of an asset other than housing land, and was either acquired as consideration for that disposal, or, where that disposal was in consideration for the issue of share capital or loan capital in the company, acquired at any time after that disposal;
(cc) is in a company which, at the time of the disposal, is carrying on the business of operating an airport and is not a public airport company, and which, at the time when the authority acquired the capital, was carrying on the business of operating an airport or was in the course of taking over that business from the authority;” and
(b) omit paragraphs (3) and (4).

---
Source: https://www.legislation.gov.uk/uksi/1998/1937/regulation/8 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-amendment-no-3-regulations-1998/regulation-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.