# The Local Government Act 2003 (Commencement) (Wales) Order 2003, Paragraph 3: Capital Finance — Part 1 of the Act


(1) Any credit arrangement —
(a) within the meaning of section 48 of the Local Government and Housing Act 1989 (credit arrangements);
(b) in existence immediately before 1st April 2004; and
(c) which, if it had been entered into on 1st April 2004, would be a credit arrangement within the meaning of section 7 of the Act (“credit arrangements”),
shall be treated as if it were a credit arrangement for the purposes of Chapter 1 of Part 1 of the Act (capital finance etc.).
(2) The usable part of any capital receipt —
(a) within the meaning of section 60(2) of the Local Government and Housing Act 1989 (the usable balance of capital receipts); and
(b) which is not applied by the local authority in any financial year beginning before 1st April 2004,
is to be treated as if it were a capital receipt within the meaning of section 9 of the Act (“capital receipt”) for the purposes of Chapter 1 of Part 1 of the Act.

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Source: https://www.legislation.gov.uk/wsi/2003/3034/schedule/2/paragraph/3 (the official version)
Page: https://openlegislation.uk/local-government-act-2003-commencement-wales-order-2003/schedule-2/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.