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Regulation 14 Interpretation of Part

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

In this Part—

  • “PCL” means the amount for the time being set aside by a local authority (whether voluntarily or pursuant to a requirement under Part IV of the 1989 Act) as provision to meet credit liabilities;

  • “relevant amount” means, in relation to a credit arrangement and a participant authority, the amount determined in accordance with the formula in paragraph 7 of the Schedule to the Transfer of Property Regulations as that paragraph has effect subject to paragraph 1(3) of that Schedule; and

  • “vesting day” means the day when rights and liabilities under a credit arrangement are vested as mentioned in regulation 3(4) above in another local authority.