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Regulation 16 PCL of participant authority

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

(1)

Subject to paragraph (2), where a credit arrangement is treated by virtue of regulation 3 above as having been entered into by—

(a)

a participant authority; or

(b)

a participant authority and any other local authority or the Residuary Body jointly and severally, an amount equal to the relevant amount for that arrangement shall be added on the vesting day to the PCL of the participant authority in question.