Article 2 Amendment of Order

The Local Authorities (Companies) Order 1995^f1 shall be amended in accordance with paragraphs (2) and (3).

In article 14 (application of Part IV: requirement for credit cover), in paragraph (2), for the words “Part IV shall apply subject to the modification that” there shall be substituted the words “the requirement for credit cover in section 50(2) shall apply as if, but only as if,”.

In article 15 (application of Part IV: increase in the basic credit approval), in paragraph (1), for the words “Part IV shall apply” there shall be substituted the words “the provisions in Part IV as to basic credit approvals shall apply”.