{
  "url": "https://openlegislation.uk/local-authorities-companies-amendment-order-1996/article-4",
  "json_url": "https://openlegislation.uk/local-authorities-companies-amendment-order-1996/article-4.json",
  "legislation": "uksi/1996/621",
  "legislation_title": "The Local Authorities (Companies) (Amendment) Order 1996",
  "legislation_url": "https://openlegislation.uk/local-authorities-companies-amendment-order-1996",
  "path": "article/4",
  "kind": "article",
  "number": "4",
  "heading": "Application of Part IV: requirement for credit cover",
  "text": "In article 14, for paragraph (3) substitute the following paragraph—\n“(3) This paragraph applies to a local authority whose credit ceiling, as determined under Part III of Schedule 3 to the Act, is nil or a negative amount at the beginning of the current year, and who have no money outstanding by way of borrowing other than—\n(a) short-term borrowing (within the meaning of section 45(6));\n(b) borrowing undertaken under section 5 of the City of London (Various Powers) Act 1924; or\n(c) borrowing undertaken before 24th August 1995, other than borrowing by the issue of stock on or after 15th December 1993, from a person who is not a relevant lender.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1924 c.xxxvii. Section 5 was repealed by section 40(1) of the City of London (Various Powers) Act 1960 (c.xxxvi)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/621/article/4",
    "retrieved_at": "2026-10-29T12:49:35.239474+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}