# The Local Authorities (Funds) (Wales) Regulations 1992, Regulation 13: Holdings and investments


(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.

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Source: https://www.legislation.gov.uk/uksi/1992/2929/regulation/13 (the official version)
Page: https://openlegislation.uk/local-authorities-funds-wales-regulations-1992/regulation-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.