# The Local Authorities (Contracting Out of Investment Functions) Order 1996, Article 10: Investment and accounting practices

Extent: E+W+S

(1) Subject to paragraph (2) below, a contractor shall have regard to and observe all proper investment and accounting practices which, in relation to any function which he has been authorised to exercise by the authority —
(a) the authority is required to observe by virtue of any enactment; and
(b) whether by reference to any generally recognised published code or otherwise, are regarded as proper investment and accounting practices to be observed in the investing of any sums or the keeping of accounts of local authorities.
(2) In the event of any conflict in any respect between the practices falling within paragraph (1)(a) above and those falling within paragraph (1)(b) above, only those falling within paragraph (1)(a) above are to be regarded as proper practices.

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Source: https://www.legislation.gov.uk/uksi/1996/1883/article/10 (the official version)
Page: https://openlegislation.uk/local-authorities-contracting-out-of-investment-functions-order-1996/article-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.