Regulation 18 Credit ceiling of shadow authority

On the date on which a shadow authority come into existence—

(a)

the shadow authority shall be treated as having a credit ceiling of nil; and

(b)

for the purposes of paragraph 2 of Part II of Schedule 4 to the 1990 Regulations^f1, the shadow authority’s credit ceiling on that day shall be treated as their adjusted initial credit ceiling.

Annotations

Footnotes

f1: Paragraph (2) of Part II of Schedule 4 to the 1990 Regulations was added by S.I. 1991/500.