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Regulation 13 Holdings and investments

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Any sum paid into a billing authority’s collection fund which is not immediately required for the purpose of making payments or transfers from that fund shall be–

(a)

held in cash;

(b)

invested in a prescribed investment; or

(c)

transferred to the billing authority’s general fund.

(2)

Any sum transferred under paragraph (1) from an authority’s collection fund to its general fund shall be–

(a)

held in cash;

(b)

invested in a prescribed investment; or

(c)

used for the discharge of the authority’s functions.

(3)

A prescribed investment is an investment prescribed in Schedule 3 to these Regulations.

(4)

Where a sum has been transferred to its general fund under paragraph (1), a billing authority shall–

(a)

immediately retransfer the sum if such a retransfer is required to enable the authority to meet payments or transfers from its collection fund; and

(b)

otherwise retransfer the sum as and when it thinks fit.