Article 4 Scope of authorisationI1

England, Wales and Scotland

(1)

In this article —

F1...
“billing authority” has the same meaning as in section 144(2) of the 1988 Act (interpretation: authorities);^f1
“collection fund” means the fund mentioned in section 89(1) of the 1988 Act (collection funds) which a billing authority is required to maintain in accordance with Part VI of that Act (funds);
“prescribed investment” means an investment prescribed in Schedule 3 to the Local Authorities (Funds) (England) Regulations 1992;^f2 and
“securities” includes shares, stock and debentures.

(2)

F2Subject to paragraph (2A), a local authority may authorise a contractor to exercise any functions consisting of, or relating to, the investment F3... of any sum for the time being held by the authority, apart from any sum which —

(a)

a contractor may be authorised by a billing authority to invest in a prescribed investment by virtue of paragraph (3) below;

F4(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6(2A)

The investment referred to in paragraph (2) must be an investment which, if made by the local authority, would be permitted by virtue of section 12 of the Local Government Act 2003 (power to invest).

(3)

A local authority in England which is a billing authority may authorise a contractor to exercise any functions consisting of, or relating to, the investment in a prescribed investment of —

(a)

any sum paid into their collection fund which is not immediately required for the purpose of making payments or transfers from that fund; or

(b)

any sum which is transferred from their collection fund to their general fund.

(4)

F7Subject to paragraph (4A), a parish or community council may authorise a contractor to exercise any functions consisting of, or relating to, the investment F8... of any sum for the time being held by the council ....

F9(4A)

The investment referred to in paragraph (4) must be an investment which, if made by the parish or community council, would be permitted by virtue of section 12 of the Local Government Act 2003 (power to invest).

Annotations

Textual amendments

F1: Words in art. 4(1) omitted (1.10.2004) by virtue of The Local Authorities (Capital Finance) (Further Consequential and Saving Provisions) Order 2004 (S.I. 2004/2044), arts. 1, 5(2)(a)
F2: Words in art. 4(2) inserted (1.10.2004) by The Local Authorities (Capital Finance) (Further Consequential and Saving Provisions) Order 2004 (S.I. 2004/2044), arts. 1, 5(2)(b)(i)
F3: Words in art. 4(2) omitted (1.10.2004) by virtue of The Local Authorities (Capital Finance) (Further Consequential and Saving Provisions) Order 2004 (S.I. 2004/2044), arts. 1, 5(2)(b)(ii)
F4: Art. 4(2)(b) revoked (1.10.2004) by The Local Authorities (Capital Finance) (Further Consequential and Saving Provisions) Order 2004 (S.I. 2004/2044), arts. 1, 5(2)(b)(iii)
F5: Art. 4(2)(c) revoked (1.10.2004) by The Local Authorities (Capital Finance) (Further Consequential and Saving Provisions) Order 2004 (S.I. 2004/2044), arts. 1, 5(2)(b)(iii)
F6: Art. 4(2A) inserted (1.10.2004) by The Local Authorities (Capital Finance) (Further Consequential and Saving Provisions) Order 2004 (S.I. 2004/2044), arts. 1, 5(2)(c)
F7: Words in art. 4(4) inserted (1.10.2004) by The Local Authorities (Capital Finance) (Further Consequential and Saving Provisions) Order 2004 (S.I. 2004/2044), arts. 1, 5(2)(d)(i)
F8: Words in art. 4(4) omitted (1.10.2004) by virtue of The Local Authorities (Capital Finance) (Further Consequential and Saving Provisions) Order 2004 (S.I. 2004/2044), arts. 1, 5(2)(d)(ii)
F9: Art. 4(4A) inserted (1.10.2004) by The Local Authorities (Capital Finance) (Further Consequential and Saving Provisions) Order 2004 (S.I. 2004/2044), arts. 1, 5(2)(e)

Commencement

I1: Art. 4 in force at 18.7.1996, see art. 1(1)

Footnotes

f1: Section 144(2), which was substituted by paragraph 81(1) of Schedule 13 to the Local Government Finance Act 1992, provides that "billing authority" has the same meaning as in Part I of the 1992 Act.
f2: S.I. 1992/2428.