Regulation 3

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg 3 am (W) by Local Authorities (Capital Finance) (Approved Investments) 2002 reg 2(1), (4)(a)
reg.3(3)(c) substituted by Local Authorities (Capital Finance and Approved Investments) 1995 reg.12(b)
reg 3 am (E) by Local Authorities (Capital Finance and Approved Investments) 2002 reg 2(1), (4)
regs 2, 3 am (W) by Local Authorities (Capital Finance and Approved Investments) 2002 reg 2(1), (3), (4)
reg 3 rev in pt (W) by Local Authorities (Capital Finance) (Approved Investments) 2002 reg 2(1), (4)(b)

Any investment mentioned in regulation 2 shall be approved for the purposes of Part IV of the Local Government and Housing Act 1989 in relation to the local authority making the investment only if —

(a)

the investment is denominated in sterling and any payments or repayments in respect of the investment are payable only in sterling;

(b)

in the case of the investments mentioned in paragraphs (b) to (d) and (i) of regulation 2, other than deposits made with the Bank of England or certificates of such deposits, the authority may require the investment to be repaid or redeemed —

(i)

without notice by the authority;

(ii)

at less than twelve months' notice by the authority; or

(iii)

within twelve months of the date on which the investment was made; and

(c)

any consideration received by the authority in respect of the investment is wholly in money paid to the authority.