Regulation 112 Disposal of property under a private finance transactionI1

England and Wales Not yet in force

(1)

In this regulation, “relevant arrangement” means a credit arrangment which—

(a)

is a private finance transaction for the purposes of Part IV of these Regulations; and

(b)

is entered into in reliance on a supplementary credit approval which applies for the purposes of the transaction and for no other purposes.

(2)

In the case of non-monetary consideration received in respect of a disposal of an interest in any asset, investment or other property, the amount falling to be set aside under section 61(4) in respect of the consideration shall be nil where—

(a)

the consideration is received by the authority under a relevant arrangement; and

(b)

the disposal is made under or in connection with that arrangement.

Annotations

Commencement

I1: Reg. 112 in force at 1.4.1997, see reg. 1(1)(b)